In Virtual Reality News
September 28, 2022 – AmazeVR, a virtual reality (VR) concert platform, has announced that it has raised USD $17 million in new investments. The ongoing round adds to the company’s USD $15 million bridge round that was raised in 2021, and puts AmazeVR’s current Series B raise at USD $32 million.
According to the company, existing investors, including Mirae Asset Capital, Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures, have participated in this latest round of investment. New strategic investors have also joined, including CJ ENM and Krafton. The round will remain open until late December 2022, with opportunities available for interested strategic partners to join.
Founded in 2015, AmazeVR has carved out a position in the VR concert market by using its exclusive and proprietary technology to capture hyper-real 9K+ live-action footage of artists performing. Giving fans front-row seats to their favorite artists in 3D stage environments, AmazeVR delivers high-definition VR experiences to transform VR concerts to be easily scalable and faster to produce.
The company’s work in producing Megan Thee Stallion’s recent ‘Enter Thee Hottieverse’ VR tour, hosted through a partnership with AMC Theatres, brought AmazeVR’s experiences to 15 major cities across the US with a 75% attendance rate for its VR concerts, according to the company. AmazeVR added that plans are now underway to work with some of the biggest names in music, both in the US and Korea, and that it is continuing discussions with artists in the US for its next concert productions. The company also recently formed a joint venture with SM Entertainment (known as “Studio A”) to produce upcoming VR concerts for select K-pop artists.
“What AmazeVR has developed is truly top-notch. The VR entertainment industry is growing rapidly, and we believe that music and gaming are two of the most promising sectors for future development,” said Ho-Sung Kang, CEO at CJ ENM, a South Korean entertainment and media company. “CJ ENM plans to convert concerts and music TV shows to VR music experiences with AmazeVR’s prime technology, and convert additional original content such as dramas and movies in the future to maximize their content value and business opportunities.”
AmazeVR added that with this current round of funding, it plans to expand its partnerships with artists, artist management companies, labels, publishers, and agencies. The company also has plans to hire more AI engineers, Unreal Engine engineers, and VFX artists to continue the advancement of its proprietary technology and the development of premier VR concerts. Additionally, AmazeVR is preparing to launch its music metaverse service across all major VR app stores in 2023, with a line-up of emerging artists to include platinum artist Megan Thee Stallion.
“With the support of our dedicated investment partners, we’re excited to enter the next age of VR concerts and deliver really amazing performances online to all VR users,” said AmazeVR CEO, Ernest Lee. “We are talking to iconic names in music to continue to bring the best experiences to their fans.”
For more information on AmazeVR and its virtual reality platform for concerts, please visit the company’s website.
Image credit: AmazeVR
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.