AmazeVR, a Los Angeles-based company creating on-demand VR video, has raised $9.5 million in funding to refocus its efforts to create virtual VR concerts. The company says its immersive concerts will be coming to movie theaters, VR headsets, and special pop-up events at some point this year.
The latest round was led by Murex Partners, with participation from We Ventures, Bass Investment, and Dunamu & Partners. Additional existing investors joining the round include Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment, and Timewise Investment.
According to data reported by Crunchbase, the latest round brings the company’s lifetime financing to $25.3 million.
Founded in 2015, AmazeVR previously focused on building out its 360 video subscription service for VR headsets, which features a variety of content. The company has however recently pivoted to exclusively recording musical artists, letting fans get an up-close and personal view of pre-recorded content which has been mashed up with computer-generated effects.
“[M]ost artists do not spend all their time on the road, often only touring every few years, and when they are on tour, it’s only possible to hit the largest countries and cities,” the company explains in a press statement. “With AmazeVR’s Immersive Concert experience, however, artists can reach fans through movie theaters, VR headsets, unique pop-up events, and more.”
AmazeVR says it’s been working closely with artists and labels over the past several months, and that it now aims to ‘reinvent’ the fan experience.
“We’re rapidly building out our artist pipeline and striking broad distribution agreements to bring stellar artist-to-fan engagement to millions of people worldwide,” says Ernest Lee, co-CEO of AmazeVR. “Our efforts are further assisted by interest in the VR market, with Apple preparing to release a VR headset and the Oculus Quest 2 representing a growing percentage of Facebook’s revenue. As more and more consumers gain access to VR technologies– be they through headsets, theaters, or even their phones– there is enormous potential for Immersive Concerts.”
A pop-up activation is slated to arrive in LA sometime this year, which is said to include a virtual tour bus fitted with haptic chairs and VR headsets.