Virtual Reality Film House Penrose Studios Raises $8.5 Million
[Philip Lelyveld comment: This is interesting because it is money to create content and advance our understanding of the language of the new medium; not for the standard hardware/software/service/platform play.]
Penrose Studios, the virtual reality media company created by the co-founder of Oculus Story Studios Eugene Chung, has raised $8.5 million from multiple investors, including Accelerate-IT Ventures, TransLink Capital, Suffolk Equity and 8 Angel. It’s the company’s first funding round.
Chung says the money will be used to do the same kinds of things most startups do: add to its headcount and invest in more projects. Penrose specializes in virtual reality films, what Chung refers to as VR “worlds,” and to date it’s only produced two of them (that we know of publicly, that is). The first was “The Rose and I,” which the company showed off last month at Sundance. The second is called Allumette, a short film still in the works that the company is producing for the Tribeca Film Festival in April.
See the full story here: http://recode.net/2016/03/10/virtual-reality-film-house-penrose-studios-raises-8-5-million/