Majid Al Futtaim and Image Nation Abu Dhabi participated in financing an LA-based VR startup
Dreamscape Immersive, the location-based VR startup backed by some of Hollywood's biggest players, announced closing a $30M Series B financing round.
Founded in January 2017, LA-based Dreamscape Immersive is spearheaded by co-chairmen Walter Parkes and Kevin Wall, CEO and former Disney Imagineering chief Bruce Vaughn, COO Aaron Grosky, and utilizes body-mapping technologies developed by the Swiss research foundation, Artanim. Since announcing the series led by AMC Entertainment, which will also open and operate up to six Dreamscape Immersive VR centers in North America and the U.K., the company has received a large amount of interest from additional parties.
Dreamscape Immersive has increased its Series B financing round to $30 million with new financial commitments from Nickelodeon, Majid Al Futtaim, VRSense Solutions Limited, and Image Nation Abu Dhabi. Returning Series A investors including, Bold Capital Partners, 21st Century Fox, and Warner Bros. also participated in the round.
Funding from each investor will be used to help Dreamscape Immersive scale operations, build a marquee slate of content and further its global expansion into a slew of new territories.In addition to Nickelodeon's investment, Nickelodeon and Dreamscape Immersive have committed to produce an experience using the brand's IP for kids and families.
Majid Al Futtaim, the leading lifestyle conglomerate across the Middle East, Africa and Asia, has made a strategic equity investment in Dreamscape Immersive, with the intent to take the VR offering global.
Other investors such as VRSense Solutions Limited, a wholly owned subsidiary of PC Partner Group Limited and maker of PC backpacks, will help the company advance hardware development, and investors such as Image Nation Abu Dhabi, one of the leading media companies in the Arab-speaking world, will help further develop a robust slate of immersive content.
"We started Dreamscape Immersive with the fundamental belief that strategic partners will be key to our success," said Grosky. "This group of existing and new investors, each of whom are leaders in their own respective categories, not only share in our vision but will help Dreamscape Immersive execute and grow."