RadioandMusic
| 26 Nov 2022
Industry-leading VR Concert Platform AmazeVR Announces $32 Million in Series B funding

MUMBAI: Coming fresh off the success of Megan Thee Stallion's virtual reality (VR) concert tour and joint venture (JV) partnership with K-pop giant SM Entertainment (known as "Studio A"), industry-leading VR concert production company AmazeVR has raised $17M in new investments, with the continued opportunity for interested investors to join the current round. This ongoing round joins the $15M bridge round that was raised in 2021, and puts AmazeVR's current Series B raise at $32M.

AmazeVR was founded in 2015, and has since dominated the VR concert market as the first and only company, using its exclusive and proprietary technology, to capture hyper-real 9K+ live-action footage of artists performing. Giving fans front-row seats to their favorite artists in 3D stage environments, AmazeVR delivers premium high-definition VR experiences, truly transforming VR concerts to be easily scalable and faster to produce.

As one of the few VR startups to overcome the pandemic and thrive, AmazeVR has emerged with a great reputation as an innovator in the music industry. Their work in producing Megan Thee Stallion’s VR tour, hosted through a partnership with AMC Theatres, brought them to 15 major cities across the US with a 75% attendance rate for its VR concerts. Plans are underway to work with some of the biggest names in music, both in the US and Korea. AmazeVR is continuing discussions with chart-topping artists in the US for their next concert production, and has formed a JV with SM Entertainment to produce upcoming VR concerts for select K-pop artists.

Despite economic and market uncertainty in Q2 of 2022, a time when venture investments have decreased by 23% QoQ, AmazeVR finalized this $17M raise and has gathered continued support from investors. Past AmazeVR investors are re-upping their interests, including Mirae Asset Capital, Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures, and LG Technology Ventures. New strategic investors will join, including CJ ENM and Krafton.
The round will remain open until late December 2022 with space available for interested strategic partners.

“What AmazeVR has developed is truly top-notch. The VR entertainment industry is growing rapidly, and we believe that music and gaming are two of the most promising sectors for future development,” says CJ ENM. “CJ ENM plans to convert concerts and music TV shows to VR music experiences with AmazeVR's prime technology, and convert additional original content such as dramas and movies in the future to maximize their content value and business opportunities.”

CJ ENM CEO Ho-Sung Kang added, “We are excited to partner with AmazeVR, a company that is leading premium VR content production technology, to lead a new paradigm in the entertainment industry.”

AmazeVR is leading VR concert production and online distribution ahead of some exciting launches in 2023, including next-generation headsets such as the Meta Quest Pro (October 2022) and Apple's own VR headset. With the current round of funding, AmazeVR has plans to expand partnerships with artists, artist management companies, labels, publishers, and agencies. The company has plans to hire more AI engineers, Unreal Engine engineers, and VFX artists to continue the advancement of its proprietary technology and the development of premier VR concerts. AmazeVR is preparing to launch its music metaverse service across all major VR app stores in 1H 2023 with a line-up of emerging artists to include platinum artist Megan Thee Stallion.

“With the support of our dedicated investment partners, we’re excited to enter the next age of VR concerts and deliver really amazing performances online to all VR users,” says AmazeVR CEO Ernest Lee. “We are talking to iconic names in music to continue to bring the best experiences to their fans.”