SPACES Inc. Raises Additional $6.5 Million, Including Investment by Top Chinese Theme Park Operator Songcheng and Comcast Ventures

14-Jan-2017 Intellasia | BusinessWire | 3:00 AM Print This Post

Ushering in a New Era of Building VR-Enabled Theme Parks and
Attractions, SPACES Also Names Fazal Merchant and Michael Yang to Board
of Directors

PLAYA VISTA, Calif.–(BUSINESS WIRE)–#VR–SPACES Inc., the virtual reality and mixed reality company launched in
2016 by VR pioneers from DreamWorks Animation, has raised an additional
$6.5 million in funding, led by China-based Songcheng Performances
Development Co. Ltd., with additional investment from Comcast Ventures,
the venture-capital affiliate of Comcast Corporation, and other leading
VC groups.


Combined with a previously announced $30-million SPACES-Songcheng
theme-park joint venture, the new investments accelerate SPACES’ vision
to build a bold new era of VR-enabled parks and attractions.

SPACES’ Series Seed round also includes investments by Boost VC; Colopl
VR Fund; GREE Inc.; Kai Huang; The Venture Reality Fund; and Youku
Global Media Fund and CRCM VC – all of whom were initial investors in
SPACES.

“Through our SPACES Parks & Attractions division, we’re fundamentally
reimagining the theme park experience with stunning advances in VR
technology,” said SPACES co-founder and CEO Shiraz Akmal. “Together with
our Songcheng joint venture, this new capital expands our efforts to
create entirely new kinds of VR-enabled destinations.”

Co-founder and CTO Brad Herman added, “It’s exciting to be at the center
of the convergence of creativity, technology and theme parks. The future
of VR and mixed reality will bring to life immersive experiences on a
grand scale.”

SPACES and Songcheng plan to announce details about their theme park
projects soon. Songcheng is one of the world’s biggest theme-park
operators, with annual attendance of more than 23 million visitors in
2015, according to data from the Themed Entertainment Association.

SPACES also announced today that it has named former DreamWorks
Animation CFO Fazal Merchant; Comcast Ventures’ managing director
Michael Yang; and Ethan Wang, general manager of Songcheng Technology,
to serve on its newly established board of directors.

“SPACES is poised for unprecedented opportunity in the global theme-park
market,” Yang said. “I look forward to helping the team navigate the
quickly growing VR entertainment space as a board member and investor.”

Based in Los Angeles, SPACES takes its name from the base unit of
virtual reality, a “space,” and boasts one of the most accomplished
teams in the VR industry, with artists, designers and programmers from
film, television, video games, visual effects, theme parks and animation.

Contacts

SPACES Inc.
John Singh, 818-458-7800
[email protected]

 


Category: BusinessWire, PRAsia

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