How Penrose Studios's Investors Help the Growth of Virtual Reality - VR Life

Penrose Studios Raises $8.5 Million for Virtual-Reality Startup

Penrose studios

Penrose Studios, the virtual-reality startup established by previous Oculus executive Eugene Chung, declared that it has obtained $8.5 million in seed-round financing.

eugene chung
The financing was driven by Accelerate IT Ventures (AITV), and investments from TransLink Capital, 8 Angel and Suffolk Equity. A couple more angel investors invested as well. Penrose said it will utilize the investment to make new VR and AR experiences and in addition grow its group of specialists/engineers.
“This is a pivotal moment for us,” said Chung, originator and President of Penrose Studios. “We’ve made some amazing progress from the early phases of this new medium. Today’s declaration denote a point of reference for the business and also our studio.”

San Francisco-based Penrose Studios has added to an exceptional way to deal with VR narrating through hand-made visuals. Its first venture, “The Rose and I,” was highlighted at the Sundance and Tribeca film celebrations. The studio’s second piece, “Allumette” (presented above), will debut at the Tribeca Film Celebration in April.
The studio also launched an app for the Samsung Gear VR called Rose, as of now accessible in the Oculus Store. Content from Penrose Studios will be accessible for the buyer renditions of the Sony PlayStation VR, Oculus rift and HTC Vive.

“We’ve had our eye on the virtual reality industry for quite a while, and Penrose is making something unique in AR and VR,” AITV general accomplice Bill Malloy III said in an announcement. “We need to see their work taken to its fullest potential, and we anticipate watching what they do and supporting them along the route as VR keeps on picking up energy in the technology and diversion commercial enterprises.

Recently, Penrose Studios declared that Brad Allen, official director of NextVR, will join Penrose as a vital consultant. He joins movie producer and maker Roman Coppola, who has been mentoring Penrose in regards to creativity.

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