VRChat Raises $1.2 Million Seed Round
VRChat, a social virtual reality (VR) platform that allows users to create, publish, and explore VR worlds with other users around the world, announced today a Seed investment round of $1.2 million, including technology giant HTC. Participating in the round alongside HTC are Rothenberg Ventures, GREE VR Capital, and Brightstone Venture Capital. The financing will be used to fund VRChat’s continued expansion and for further investment in product development.
“HTC has been at the forefront of consumer VR, pioneering several ground breaking technologies and working tirelessly to deliver the best VR experiences on the market, winning multiple awards and receiving critical acclaim from media, consumers and the industry,” said Joel Breton, VP of Global VR Content at HTC. “With our investment in VRChat, we look to further our ultimate vision: to bring VR into the lives of people around the globe so they can experience immersive social VR in a way that fires the imagination and truly changes the world.”
“We offer users one application with infinite social VR experiences. We empower users to create their own social VR experience, where users have the freedom to easily create their own avatars, worlds, hangouts and games, and then explore that content with their friends. We’re working hard to build that platform, and this capital helps us get there faster,” said Graham Gaylor, Founder/CEO of VRChat. “We’re excited to have a syndicate of partners on board that provide us with not only capital, but also vast strategic experience in the VR ecosystem.”
VRChat operates in a sub-sector of VR known as Social VR. VR is inherently a social platform because it’s a digital communication system at its core. VR differs from other digital communication systems, in that users experience a sense of immersive presence. In other words, users experience a deep sense of actually being together while socializing.
Founded in 2014, VRChat offers an immense collection of social VR experiences, allowing users to explore, socialize, and create with other users from around the world. The platform allows users to personalize their own VR experiences, including custom avatars, worlds, game experiences, and hangouts. VRChat offers cross-platform VR support via Steam for Vive and Oculus Home, with additional platform integrations planned throughout 2017.