AltspaceVR, the virtual reality communication platform, has announced it’s to receive an additional $10M of funds to help accelerate the company’s product development.

AltspaceVR is a social communications platform which allows networked VR participants to meet, share, present and talk in virtual reality. Founded in 2013, the company has ridden the wave of VR’s growth and now plans to expand its team as it sets its sights on delivering a final product.

altspace launch (1)

The platform has already passed several beta milestones, allowing users from over 50 countries to share virtual spaces with one another. AltspaceVR has been in open beta as of May this year.

See Also: Hands-on: AltspaceVR’s Launch Update Enhances Social Features and Adds All-important Selfie Cam

“We’re working hard to make AltspaceVR the most natural and fulfilling way to communicate online, and our new capital will help us get there faster,” said Eric Romo, Founder and CEO of AltspaceVR. “We can’t wait to show our community some of the exciting new things we are building.”

Including last year’s $5.7M funds this latest investment brings the company’s total capital to $15.7M. A clear indicator that the company is successfully illustrating the potential of VR telepresence platforms have in the near future, with consumer virtual reality hardware due to arrive from late this year.

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  • kalqlate

    I wish them luck, but… what?… do they really think that Facebook, LinkedIn, Google/YouTube, Microsoft, and all the chat offerings are just sitting idly by? I’ve often stated that telepresence will be the killer app for VR. Anyone who thinks that Facebook will not be the champ in the telepresence arena needs a tech forecasting engine overhaul. If this company is lucky, they will be bought out by one of the big boys who have gotten a late start in development of their telepresence platform.

    • AJ@VRSFX

      When you look at a market and say “sure that’ll be a big market, but you’d have to be lucky or crazy or both to go up against the big dogs,” those are the moments in history when a little dog is about to become a big dog. The little dog runs circles around the big dog. Altspace won’t be lucky if they get bought. The buyer will be lucky if they sell.