Venture capital fund Sure Ventures has announced a £500,000 investment in Immotion, a UK-based VR company.
Sure Ventures invests in early-stage software companies within the realms of VR, AR, IoT and FinTech. Immotion builds VR cinema pods that combine sight, sound and motion for an immersive experience, as well as offering a VR gun for shooting-based games, and a free roaming headset.
Founded by Martin Higginson and David Marks, Immotion will use the investment to advance its sales and marketing, speed up its product roll-out worldwide and create additional content.
Martin Higginson, executive chairman of Immotion, said: “We’re delighted to secure this funding from Sure, which shares our excitement in the enormous potential of the out-of-home VR experiences market.
“We believe our out-of-home experiences will allow people of all ages to experience the full immersive thrill of VR, including movement, in a safe and fun way.”
Immotion was formed from the merger of Studio Liddell; a Manchester-based CGI studio; and C2K, Los Angeles-based filmmakers. It now has offices in London, Manchester and Los Angeles.
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This latest cash sum follows a £1.3m investment at the end of 2017. Immotion’s VR cinema pods have been implemented in a range of US and European attractions, including the Yorkshire Museum for its Jurassic World exhibition.
This is the first direct investment that Sure Ventures has made in the VR sector.
Sure director Gareth Burchell commented on the investment: “With more than £4bn invested in the VR sector over the last two years, this is a booming global market, so we are delighted to support Immotion’s highly creative team as they embark on the next development phase.
“As one of the leading companies in the sector, Immotion offers significant growth opportunities,” he added.
Sure is focusing on Seed and Series A level funding for companies in the UK, Republic of Ireland and other European countries, boasting first rate management teams, products which benefit from market validation and with target revenue run rates of more than £400,000 over the next 12 months.
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