AmazeVR has closed a $15 million round of funding to support what it calls its “vision for VR concerts”.
The funding round saw participation from Partners Investment, Smilegate Investment, Quantum Ventures Korea, ABC Partners, Everrich Group, and GS Futures, the corporate venture capital arm of GS Group, one of the largest Korean conglomerates.
AmazeVR says that the bridge funding was oversubscribed within three weeks and includes $9.5 million in previous bridge financing.
In addition to these investors, AmazeVR has been backed by several other investors. They include Timewise Investment, venture capital arm of CJ Group, LG Technology Ventures, Mirae Asset Capital, Mirae Asset Venture Investment, Murex Partners, Dunamu Partners, Base Investment and We Ventures.
The $15 million announced today (January 12) brings the Los Angeles-based company’s total raised to date to $30.8m.
AmazeVR is teaming up with Megan Thee Stallion to roll out its VR concert tech in select AMC Theatres in Spring 2022.
The start-up says this “VR concert tour springs from years of R&D” that resulted in proprietary 9K cameras and in software that can automate “complex” Unreal Engine-based visual effects, and run more than 100 headsets at a time.
Unreal Engine is the Epic Games-owned ‘engine’ on which various blockbuster video games, including Epic-owned Fortnite, are built on.
Unreal is also used for immersive music experiences by Sony Immersive Music Studios, which has produced virtual performances by the likes of Madison Beer and Tate McRae using the tech.
According to AmazeVR, using its technology, including its proprietary cameras and software, the company plans to scale its content creation, releasing new VR concert experiences weekly by 2024 to both in-theater and at-home viewers.
To drive this growth, AmazeVR says that it will raise a Series B round in early 2022, bringing what it says is, “its mobile theater guised as an artist’s tour bus to potential investors in Silicon Valley and beyond”.
“Thanks to our tech, we can evoke a real sense of presence you can’t get from a screen, the feeling that your favorite artist is right there, face to face with you.”
Ernest Lee, AmazeVR
“This funding allows us to keep hiring aggressively,” says AmazeVR co-CEO Ernest Lee.
“In 2021, we tripled our team in Hollywood and Seoul. We’ve been able to attract top talent from the industries we touch.”
He added: “This puts us in an ideal position to take full advantage of VR and the metaverse’s growing popularity, as we deliver breathtaking VR concerts from major artists, first to theaters, then to homes worldwide.”
“You really need to experience our VR concerts to get a full grasp of how impactful they are. VR can finally blow all 2D experiences out of the water. Thanks to our tech, we can evoke a real sense of presence you can’t get from a screen, the feeling that your favorite artist is right there, face to face with you.
“This opens up a new dimension for music, one of the first new ways for artists and fans to connect since recordings appeared. We’re thrilled that investors are grasping this and are supporting us as we innovate and grow.”
Music Business Worldwide