Spaces Inc., the virtual reality and mixed-reality company launched in 2016 by former DreamWorks Animation execs, have just dipped into China for funding. They have raised an additional $6.5M from partner, China-based Songcheng Performances Development Co. Ltd. With this additional funding, and with its previously announced $30M theme-park joint venture with Songcheng, Spaces will build VR-enabled, theme park attractions for their Chinese partners. In addition, the company has named former DreamWorks Animation CFO Fazal Merchant to its board along with Comcast Ventures’ managing director Michael Yang and Ethan Wang, general manager of Songcheng Technology.
Additional investments in the company come from Comcast Ventures, the venture-capital affiliate of Comcast Corporation, and other VC groups. The company’s seed round includes investments by Boost VC, Colopl VR Fund, GREE Inc., Kai Huang, The Venture Reality Fund, Youku Global Media Fund and CRCM VC – all of whom were also initial investors.
The VR company was founded by Brad Herman and Shiraz Akmal. Spaces and Songcheng will announce details about the attractions soon. Songcheng is one of the world’s biggest theme-park operators, with annual attendance of more than 23 million visitors in 2015, according to data from the Themed Entertainment Association.
Spaces, which is based in Los Angeles, and Songcheng plan to announce details about their theme park projects soon. Songcheng is one of the world’s biggest theme-park operators, with annual attendance of more than 23 million visitors in 2015, according to data from the Themed Entertainment Association.