20th Century Fox Just Poured Big Money Into Baobab Studios
Baobab Studios is an example of one VR startup that’s getting a lot of attention from virtual reality investors and film studios for its VR animated shorts. The startup said Tuesday that it had landed $25 million in a funding round led by Hong Kong-based Horizons Ventures along with 20th Century Fox, Evolution Media Partners, Shanghai Media Group, Youku Global Media Fund, and LDV Partners.
“We are on the cusp of a storytelling revolution with this medium, and VR gives filmmakers the opportunity to develop immersive experiences and take audiences into the story like never before,” Mike Dunn, president of 20th Century Fox Home Entertainment, said in a statement.
Baobab Studios co-founder and CEO Maureen Fan said that virtual reality remains the startup’s focus and that it is developing more VR flicks like its new short Asteroids!, which was presented during Facebook’s annual Oculus Rift developer conference.
Part of the appeal of Baobab Studios’s VR shorts is the family-friendly and adorable animation, partly in the style and quality of big-screen animations from film studio Pixar.
See the full story here: http://fortune.com/2016/10/18/20th-century-fox-baobab-studios-funding/