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AmazeVR has closed a $15 million spherical of funding to help what it calls its “vision for VR concerts”.

The funding spherical noticed participation from Partners Investment, Smilegate Investment, Quantum Ventures Korea, ABC Partners, Everrich Group, and GS Futures, the company enterprise capital arm of GS Group, one of many largest Korean conglomerates.

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AmazeVR says that the bridge funding was oversubscribed inside three weeks and contains $9.5 million in earlier bridge financing.

In addition to those traders, AmazeVR has been backed by a number of different traders. They embody Timewise Investment, enterprise 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 introduced as we speak (January 12) brings the Los Angeles-based firm’s complete raised up to now to $30.8m.

AmazeVR is teaming up with Megan Thee Stallion to roll out its VR concert tech in choose 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 program that can automate “complex” Unreal Engine-based visual effects, and run greater than 100 headsets at a time.

Unreal Engine is the  Epic Games-owned ‘engine’ on which varied blockbuster video video games, together with Epic-owned Fortnite, are constructed on.

Unreal can be used for immersive music experiences by Sony Immersive Music Studios, which has produced virtual performances by the likes of Madison Beer and Tate McRae utilizing the tech.

According to AmazeVR, utilizing its know-how, together with its proprietary cameras and software program, the corporate plans to scale its content material creation, releasing new VR concert experiences weekly by 2024 to each in-theater and at-home viewers.

To drive this development, AmazeVR says that it would increase a Series B spherical 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



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