InstaVR Inc Raises $5 Million Series B to Further Rapid Growth in Enterprise VR Authoring Platform Use
Published : Tuesday, June 5, 2018, 4:10 pm
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InstaVR Inc (https://www.instavr.co), a virtual reality (VR) authoring, publishing, and analysis company, announced today it has closed a Series B funding round, which will help further its mission of empowering enterprise businesses to create VR applications. The company received $5 million in additional capital, bringing its total funding to date to $7.2 million. New participants in the funding round are YJ Capital, ITOCHU Technology Ventures, and Mizuho Capital Partners, who join follow-on investors GREE Ventures, COLOPL NEXT, and The Venture Reality Fund (The VR Fund).
The company’s technology enables businesses to quickly and easily author interactive 360-degree VR apps and publish them for all major VR headsets, as well as desktop and mobile devices with a single click. Since launching in early 2016, over 30,000 clients have used InstaVR to publish 200,000+ VR pieces of content. Clients include Toyota, Hilton, TUI Group, PwC, US Navy, and GOV.UK.
Recent solution enhancements include streamlined publishing to the new Oculus Go, application access via background streaming/download, and the option for clients to add in-app purchases. The new funding round will be used to expand the InstaVR team and further invest in the company’s enterprise offering (“InstaVR Central”), which helps larger businesses to use VR as a primary means of employee training.
Daniel H. Haga, Founder of InstaVR, said: “As VR has gained more widespread adoption, companies are seeing the value of utilizing the technology for creating impactful and memorable immersive experiences, such as new employee onboarding and ongoing training. This round of funding helps InstaVR accelerate our plans to empower major corporations and organizations to more fully realize the benefits of VR.”
InstaVR provides a powerful solution set that doesn’t require coding, meaning multiple divisions within enterprises can benefit from easily authoring and distributing VR applications. Global organizations can use InstaVR to significantly increase employee performance by building immersive and interactive VR applications, while significantly reducing per employee spending on training.
“The future of employee learning is immersive,” said Haga. “Being able to quickly build and distribute VR training modules is a huge competitive advantage for our clients. We’ve worked with thousands of clients to understand how we can give them better tools to make VR effectively. We’re proud to continue leading the way in making VR accessible to all businesses.”
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