Friday, May 20, 2022

AmazeVR has received an additional $ 15 million in funding to help shape the future of immersive concerts – Bestgamingpro

AmazeVR, a virtual reality concert platform that enables consumers to experience their favorite musicians’ VR concerts through content creation tools, announced today that it has raised $ 15 million in a round that was quickly oversubscribed.

Smilegate Investment, Quantum Ventures Korea, ABC Partners, Everrich Group, the venture capital company of GS Group GS Futures, We Ventures, Base Investment and Dunamu & Partners as well as the former financiers Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment and Timewise Investment, co-head the new financing.

AmazeVR has raised a total of $ 30.8 million since its inception in 2015, and the company expects to aim for a Series B in early 2022 to continue its rapid expansion, the company said. Ernest Lee, Co-CEO of AmazeVR, told TechCrunch that the new funds will be used to expand the company’s workforce. AmazeVR started with 12 employees in 2021, but according to Lee now has a total of 41 employees in Hollywood and Seoul.

“We have succeeded in recruiting top talent from the [music, entertainment, technology, and gaming] Sectors, ”added Lee. “This puts us in an excellent position to capitalize on the growing popularity of virtual reality and the metaverse by delivering beautiful virtual reality concerts by great musicians in theaters and then in homes around the world.”

Fans now have unprecedented access to their favorite musicians thanks to social media, but are still separated by a screen.

AmazeVR’s VR concerts bring fans face-to-face with their favorite musicians and create a personal connection, Lee said. Users created avatars, interacted with each other and attended virtual reality concerts together.

In an interview, Lee said, “Our goal is that the technology is so good it becomes invisible, so that fans don’t remember a great VR experience, but their favorite artists in fantastic immersive environments that blurring the boundaries of reality. “

JB Lee, Steve Lee, Jeremy Nam and Steven Koo, all former executives of the South Korean messaging service Kakao, founded AmazeVR, based in Los Angeles with an office in Seoul. After Cocoa went public, the four co-founders uprooted their lives in Seoul and moved to Silicon Valley to pioneer the future of virtual reality.

AmazeVR has been developing virtual reality technology since 2015, according to Lee, and at the end of 2019 it shifted entirely to virtual reality concerts.

Even before the epidemic, the company saw the need for a more immersive musical experience through VR concerts; Still, the music industry remained aloof and hesitant, in part due to concerns about the cannibalization of live performances, its most profitable source of income, Lee said.

The current coronavirus epidemic has accelerated market adoption and allowed AmazeVR to quickly adapt to the product market. People were starting to realize that VR concerts weren’t live concerts, but a new genre of entertainment as the music business became more open to new technology, concluded Lee.

“The music business is in desperate need of a paradigm shift and numerous companies have been trying to invent the next big thing.” “As a result of the epidemic, we’ve seen multiple attempts ranging from live streaming to virtual concerts to Fortnite events,” said Lee opposite TechCrunch. “All of these other alternatives just add to what already exists, and none of them really capture cover value for fans – a personal connection.”

Megan Thee Stallion, a three-time Grammy winner, will headline AmazeVR’s first commercial VR performance, which will tour select AMC theaters across the United States this spring. According to Lee, the company has already acquired its second artist, a world-leading artist, and is on the verge of securing a third. Years of research and development resulted in proprietary 9K cameras and software that can automate intricate, unreal engine-based VR concert visual effects (VFX) modules and power more than 100 headsets simultaneously for the first VR concert tour. By 2024, the company expects to advance its content development, with new VR concerts being released weekly for both cinema and home audiences.

“You really have to experience our VR concerts to understand how effective they are. VR can finally blow all 2D experiences out of the water. Thanks to our technology, we can create a real sense of presence that you can’t get on a screen, the feeling that your favorite artist is right here, face to face with you, ”said Lee. “This opens up a new dimension for music, one of the first new ways for artists and fans to bond since the recordings came out. We are pleased that investors understand this and support us in our innovations and growth. ”

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