Boeing (NYSE: BA) announced its investment in C360 Technologies, a Pittsburgh-based company focusing on 360° video and augmented/virtual reality. It is the latest investment by Boeing HorizonX's venture arm established earlier this year, and the first in a company headquartered in the emerging Pittsburgh tech market.
"Our C360 investment is a powerful example of how HorizonX can access rapid advances in innovation outside aerospace and bring them to our Boeing customers," said Steve Nordlund, Boeing HorizonX vice president. "Putting additional capital to work and linking C360's innovators with our Boeing teams allows us to accelerate new solutions, while providing new market access for C360. It's a win-win — especially for our customers."
Potential aerospace applications of C360's innovative video technology include more capable autonomous systems and other advanced platforms.
Boeing joins a group of investors led by BlueTree Capital making up C360's $3.5 million oversubscribed series, a fundraising effort that also includes contributions from MI-12 and Pasadena Angels.
"Boeing's support for the growth of C360 Technologies is a testament to the capabilities of the company's platform technology and founding team. We are very pleased with this partnership opportunity," said Catherine Mott of BlueTree Capital Group.
C360 Technologies focuses on linear and over-the-top (OTT) broadcast quality video solutions and has established itself as a leading player in the VR/AR industry. Most recently, the technological advancements of C360 were featured as part of FOX Sports' telecasts of the 2017 Daytona 500 and MLB All-Star Events. In addition to FOX Sports, which first debuted C360 technology during its telecast of Super Bowl LI, C360 has established relationships with leading media networks and sports leagues including: CBS Sports, ESPN, TNT, NASCAR, NFL, NHL and UFC.
"Since the inception of our company, we've been fortunate to work with some of the best organizations in the world, integrating C360's technology into sports telecasts viewed by international audiences," said Evan Wimer, CEO of C360 Technologies. "It's extremely gratifying that Boeing HorizonX has recognized our contributions within the sports broadcasting industry, and at the same time envisions how C360 could be utilized in future Boeing applications. We're confident that Boeing's investment into C360 will propel and inspire us to further advancements in the 360 VR/AR industry."
By leveraging the power of the world's largest aerospace company, Boeing HorizonX invests in new business ventures to unlock the next generation of game-changing ideas, products and markets. Outside of venture investments, HorizonX is seeking unique business opportunities and non-traditional partnerships for the company's aerospace technology using disruptive innovations and business strategies.
Boeing is one of the leading manufacturer of commercial jetliners and defense, space and security systems. Boeing supports airlines and U.S. and allied government customers in 150 countries. Boeing products and tailored services include commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.