In an ongoing Series B funding round, Los Angeles-based VR concert company AmazeVR has raised $17 million. The round will remain open until the end of the year for future investments. The company previously raised $15 million in a bridge round back in 2021, and the recent contributions bring AmazeVR to a total of $32 million.
Some familiar faces from the previous funding round have returned, such as Mirae Asset Capital, Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures. CJ ENM from Korea and Krafton pop out as the new investors of the VR concert platform.
A spokesperson at CJ ENM had these comments about AmazeVR:
“We believe that music and gaming are two of the most promising sectors for future development. CJ ENM plans to convert concerts and music TV shows to VR music experiences with AmazeVR’s prime technology and additional original content such as dramas and movies in the future to maximize their content value and business opportunities.”
Ernest Lee, Founder of AmazeVR, shared upcoming plans for the company’s future:
“We’re also preparing to produce virtual concerts with SM Entertainment artists and expand to other K-pop companies in South Korea. We plan to hire more artificial intelligence engineers, Unreal Engine engineers, and visual effects artists to continue advancing the technology and the development of premier virtual concerts.”
The team believes virtual concerts are the future of entertainment and the music industry. With this belief, the company will use this funding to recruit more artists that wish to join the virtual side of musical events, along with extending its staff. A music metaverse service for AmazeVR will also be up and running before the first half of 2023 ends.