VRstudios Raises Additional Funds For Its Expansion Project
Virtual reality technology is a relatively new technology field and as such various startups are springing up and trying to expand in order to get a slice of the action. The market is still relatively open and there isn’t yet a monopoly per se so the competition is still even and the playing ground is fair to smaller companies who have innovative solutions to some of the problems faced with VR. One of such companies is VRstudios who although they’ve been around for some time, they can still be referred to as a startup company.
VRstudios is making efforts to raise more cash to fund its virtual reality platform amidst plans to expand their business overseas. The Bellevue-based startup raised an additional $3 million this week. They initially raised $1.3 million this past September. The studio has a staff strength of around 30 employees which is 10 more than it was back in February. They have developed a wireless, full motion virtual reality solution for hardware and software. This new innovative design will allow customers in industries ranging from aerospace to construction and entertainment to enjoy a fully immersive and interactive environment.
This company was launched five years ago as a virtual reality company called VRcade. In July 2014, they rebranded and reconstructed as VRstudios Inc. equipped with a new business model which expanded beyond gaming and delved into various other commercial simulation opportunities.
Towards the end of last year, they began shipping and installing systems in regions like the US, China and France for consumers who were utilizing the technology for their business needs. These needs can range from exhibitions and walk through for architects or a gaming environment at a fun center. Their systems allow different people participate in the same virtual reality space and their components include the headset, cameras and other interactive devices. It also comes with an SDK for its partners in development.
They sell a wide range of system configurations which are anywhere between $40,000 to $75,000. It is quite expensive, but it can be owned if you can afford it and it can also be leased. The two major product lines of the company in the commercial enterprise solution and VRcade focus on video game development and entertainment.
The studio is led by the CEO, Charles Herrick and he has reiterated his commitment to using this fresh and newly generated cash to continue on their expansion project. They have also been signing partnership agreements with various companies. This week they finalized plans to partner with Korea’s Simuline and earlier agreed with Meraas Amusement park in Dubai.
The company is one of many startups that are upcoming in Seattle. Some examples of other similar companies include Envelop VR, Pluto VR, Pixvana, Convrge, Endeavor One, and VREAL. With the new expansion funds and proper execution VRstudios is sure to continue growing its wings in the VR market.