Immotion, the UK-based immersive entertainment business, has received an additional £500,000 GBP of investment. The Series B funding comes from London-listed Sure Ventures PLC, which was established to enable investors to gain access to early stage technology companies in new markets including virtual reality (VR).
Immotion, which was founded by experienced technology and media entrepreneurs, Martin Higginson and David Marks, also finalised a £1.3m investment from a range of strategic investors in December 2017. The additional investment will be used to accelerate the rollout of the Company’s VR Cinema pods, as well as the development of additional immersive experiences.
The Immotion VR cinema pods are being distributed under the Company’s retail brand, VR Star, as well as through a range of concession partners. VR Star currently operates in Bristol, with plans to open in Swindon, Cardiff, Manchester, Middlesbrough, and Wakefield in the coming months.
The pods have also been used by concession partner, Genting Resorts World, and Immotion’s content was used by Yorkshire Museum’s ‘Jurassic World’ exhibition, the educational attraction that was opened by renowned naturalist and broadcaster Sir David Attenborough in March 2018.
Martin Higginson, Executive Chairman of Immotion, said: “We’re delighted to secure this funding from Sure Ventures, who share our excitement in the enormous potential of the out-of-home VR experiences market.
“We believe our out-of-home experiences will allow people of all ages to experience the full immersive thrill of VR, including movement, in a safe and fun way.
“We have seen what is needed to deliver a great experience. Our VR Cinema Pods engage all the senses by combining sight, sound and motion, along with premium content from our own award-winning studios, allowing us to help users genuinely escape reality.
Sure director, Gareth Burchell, said, “With more than £4 billion invested in the VR sector over the last two years, this is a booming global market, so we are delighted to support Immotion’s highly creative team as they embark on the next development phase. As one of the leading companies in the sector, Immotion offers significant growth opportunities. Demand for its VR cinema pods are gaining traction as customers increasingly look for new experiences and engage with the concept of being immersed in new virtual worlds.
“Having previously invested in the Suir Valley Venture Fund, this is the first direct investment we have made. We are currently in talks with other exciting companies in our target AR/VR, FinTech and IoT sectors.”
Immotion is currently working with a number of additional concession partners across Europe and US which it will announce shortly. VRFocus will keep you updated with all the latest details on Immotion’s VR Cinema pods and other location-based initiatives from the company.
via Mint VR