Series A funding injection will fuel additional R&D and development of new AR experience.
There has been a big rise in the level of interest in social virtual reality (VR) experiences, with many consumers seeking to find or build communities within VR. UK-based VR social network vTime has been seeking funding to continue to fulfil this need, and has just closed a successful Series A funding round.
Already one of the most successful examples of VR social networks, vTime has been downloaded almost a million times across six major VR platforms since it was launched back in December 2015.
The new investment injection will allow the company to continue to develop the platform and provide funding for the upcoming augmented reality (AR) experience which is planned by the brand for later this year.
The funding round was led by Deepbridge Capital, using the Enterprise Investment Scheme. Funding was also raised by Liverpool-based loan and equity provider MSIF.
vTime CEO Kenwright said: “vTime offers users the most immersive and intuitive way to engage with others in VR from wherever they are. The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities. Crucially, Deepbridge share our vision for the future – both in delivering a matchless social XR experience and our expansive plans to monetise and build upon the vTime framework with future technologies.”
Ray Eugeni, Partner at Deepbridge Capital, commented: “vTime perfectly represents the innovative and disruptive technologies that we at Deepbridge provide investment for. We are delighted to be working in partnership with the vTime team and are excited by the future opportunities for vTime’s market-leading virtual reality and augmented reality technologies.”
Simon Thelwall-Jones, MSIF Investment Director, added: “We’re really pleased to have been able to play a part in this round of investment for vTime. It’s great to be able to assist and support a genuinely world-class business based here in the Liverpool City Region.”