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AmazeVR Raises $10 Million for Virtual Reality Concerts

AmazeVR Inc., a West Hollywood-based startup that uses virtual reality to create live music experiences as an alternative to traditional concerts, announced April 8 that it had raised $9.5 million in new funding to accelerate the company’s growth.

The investment comes from multiple venture capital firms, including Murex Partners, We Ventures, Bass Investment and Dunamu & Partners. It brings the total amount raised by the company to just over $34 million since 2015, according to PitchBook Data Inc.

The virtual reality company underwent a rebrand in 2019 and last year honed in on virtual concerts as its primary focus. Demand for new alternatives to traditional live experiences has surged amid the Covid-19 pandemic, and AmazeVR is one of several Los Angeles companies producing immersive shows that incorporate virtual reality and visual effects into video performances.

“Working closely with artists and labels over the past several months, it has become apparent that AmazeVR has the potential to take the music industry into the future while completely reinventing the fan experience,” AmazeVR co-Chief Executive Ernest Lee said in a statement.

The company recently worked with hip-hop duo Ceraadi on a virtual concert that fans could watch from home with VR headsets. The company said it plans to make upcoming shows available to more viewers through a partnership with Canadian company D-Box Technologies Inc., which manufactures haptic motion systems used in movie theaters, theme parks and simulation devices.

Lee said AmazeVR is “rapidly building” partnerships with artists and reaching new distribution agreements that will make its virtual reality experiences accessible to new audiences.

“As more and more consumers gain access to VR technologies — be they through headsets, theaters, or even their phones — there is enormous potential for immersive concerts,” Lee said.

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