VRstudios raises another $3M for enterprise virtual reality platform, plans to expand overseas.
BY TAYLOR SOPER on April 22, 2016 at 10:42 am
VRstudios is raising more cash to build its virtual reality platform and expand its business overseas.
The Bellevue-based startup this week reeled in an additional $3 million, which adds to the $1.3 million seed round it raised this past September.
VRstudios, which employs 30 — that’s up from 20 in February — has developed a wireless, full-motion virtual reality hardware/software solution that allows customers in industries ranging from aerospace to construction to entertainment to utilize a fully-immersive virtual environment.
The startup originally launched five years ago as a virtual reality gaming company called VRcade. In July 2014, that LLC was restructured as VRstudios Inc. with a revamped business model that expanded beyond gaming and into additional commercial enterprise simulation opportunities.
Late last year, it began shipping and installing systems in places like the U.S., China, and France to customers who are using the technology to solve business needs, whether it’s a pre-construction walk-through for architects or a gaming environment at a family fun center.
The system lets multiple people participate in the same virtual space and includes headsets, cameras, and interactive devices, along with an SDK for its development partners.
VRstudios sells a variety of system configurations that range from $40,000 to $750,000 and can be owned or leased. The company has two primary product lines with its commercial enterprise solution and VRcade, which focuses on video games and entertainment.
VRstudios, led by CEO Charles Herrick, will use the fresh cash to continue expanding. This week it inked a partnership with Korea’s Simuline and earlier agreed to partner with Meraas‘ amusement park in Dubai.
The company is one of many new up-and-coming virtual reality startups in Seattle. Others include Envelop VR, Pluto VR, Pixvana, VREAL, Convrge and Endeavor One.