DISNEY LEADS $66 MILLION INVESTMENT IN VIRTUAL-REALITY STARTUP JAUNTVR
The Walt Disney Company is among the lead investors in virtual-reality startup JauntVR’s $66 million Series C round of funding. It's the latest evidence that Hollywood wants in on VR before the technology is widely available.
Silicon Valley-based Jaunt has developed an end-to-end cinematic virtual-reality content-creation platform that includes a custom camera capable of shooting high-end, professional-quality 360-degree footage, software for stitching the footage together, a distribution system, and a Los Angeles VR production studio. It announced the funding today.
CAA-backed Evolution Media Capital and China Media Capital joined Disney as lead investors in the round, which brings Jaunt’s total funding to more than $100 million.
Last week, Disney-owned ABC News unveiled a VR storytelling "experience,"produced in conjunction with Jaunt, that takes viewers to Damascus, Syria, where they can see a 360-degree view of life on the streets of that war-torn country. According to Christensen, that project was unrelated to the new funding.
With its new funding, Christensen says Jaunt will continue to focus on its hardware; the "hardcore computational photography software pipeline" its partners use to process their footage; apps for any VR device, from the Oculus Rift to mobile headsets like Samsung’s GearVR; and its Studio program.
He added that the company plans on scaling up all four areas as VR hardware edges closer to mainstream adoption.
Jaunt is also planning on using its new funding, particularly with the help of its Chinese investor, as well as European media companies ProSieben and Axel Springer SE, to broaden its reach into those parts of the world.
"Jaunt has distinguished itself as a true leader in the field of cinematic virtual reality, an emerging medium with incredible potential across all sectors of entertainment," Kevin Mayer, senior executive vice president and chief strategy officer for the Walt Disney Company, said in a statement. "Jaunt’s unique end-to-end solution for producing and publishing high-quality VR experiences is cutting edge, and we are excited about its future potential."
See the full story here: http://www.fastcompany.com/3051252/tech-forecast/disney-leads-66m-investment-in-virtual-reality-tech-and-content-company-jauntv