Wednesday, June 8, 2016

SPACES Wins $30M Virtual Reality Deal In China, Raises $3M

Los Angeles-based SPACES, a developer of virtual reality content, said this morning that it has created a new, $30M joint venture with Chinese theme park operator Songcheng Performance Development Co. Ltd., and also raised a separate, $3M equity funding round. According to SPACES, the Chinese joint venture will bring virtual and mixed reality to Songcheng's theme parks and stage shows. Separately, SPACES said it has raised $3M in seed funding, in a round led by Comcast Ventures, and which also included Boost VC, Canyon Creek Capital, Colopl VR Fund, GREE, Kai Huang, The Venture Reality Fund, the Sinovation Fund, Youku Global Media Fund, and CRCM VC. SPACES said the new joint venture with Songcheng will be based in Hangzhou, China, but co-managed by the company from its Los Angeles headquarters. The company had previously announced the funding round last month. More information »