VR startup Dreamscape Immersive completes $30m funding
Dreamscape Immersive, a VR startup backed by some of Hollywood’s biggest players, has raised $30 million to develop VR content and VR centers.
Dreamscape Immersive, which is backed by 21st Century Fox Inc. and Warner Bros, gained financial commitments from Nickelodeon, Majid Al Futtaim, VRSense Solutions Limited, and Image Nation Abu Dhabi. Returning investors included Bold Capital Partners, 21st Century Fox, and Warner Bros.
Dreamscape Immersive plans to develop VR content and operate up to six VR centers in North America and the U.K.
“We started Dreamscape Immersive with the fundamental belief that strategic partners will be key to our success,” said Aaron Grosky, COO of Dreamscape Immersive. “This group of existing and new investors, each of whom are leaders in their own respective categories, not only share in our vision but will help Dreamscape Immersive execute and grow. We couldn’t be more excited for what we’re going to be able to accomplish together.”
Funding from each investor will be used to help Dreamscape Immersive scale operations, build a marquee slate of content and further its global expansion into a slew of new territories.
In addition to Nickelodeon’s investment, Nickelodeon and Dreamscape Immersive have committed to produce an experience using the brand’s IP for kids and families. Majid Al Futtaim, a Dubai-based conglomerate that operates malls and cinemas across the Middle East, Africa and Asia, has made a strategic equity investment in Dreamscape Immersive, with the intent to take the VR offering global.
Other investors such as VRSense Solutions Limited, a wholly owned subsidiary of PC Partner Group Limited and maker of PC backpacks, will help the company advance hardware development. Investors such as Image Nation Abu Dhabi, a media production company in the Arab world, will also work on VR content production.
Dreamscape Immersive’s flagship location is slated to open to the public at Westfield Century City Mall in Los Angeles, California in 2018. In addition to this location, the company has formed a strategic partnership with AMC Entertainment, with a commitment from AMC to open and operate up to six Dreamscape Immersive VR centers within AMC theatres and at standalone locations in North America and the U.K.
The company is spearheaded by co-chairmen Walter Parkes and Kevin Wall, CEO and former Disney Imagineering chief Bruce Vaughn, COO Aaron Grosky, and uses body-mapping technologies developed by the Swiss research foundation, Artanim.