Immersive VR concerts maker AmazeVR backed by Korean contents majors raises $17M funding

2022.09.28 14:51:36 | 2022.09.28 14:51:58

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Los Angeles-based virtual reality (VR) startup AmazeVR backed by South Korea’s large private equity and contents majors said Wednesday it has completed a Series B funding round worth $17 million following its pre-Series B funding of $15 million last year.

AmazeVR founded by former Kakao executive Lee Seung-joon is an immersive technology company offering a full-service virtual concert solution by using proprietary technologies such as hyper real 9K+ live-action shooting, Unreal Engine-based VR VFX pipeline/module, AI Relighting, and AI Keying.

The Series B funding was joined by Mirae Asset Capital along with returning backers, including Mirae Asset Venture Investment, CJ Investment, Smilegate Investment, GS Futures and LG Technology Ventures. New strategic investors included CJ ENM, Krafton and Maekyung Media Group.

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AmazeVR said it plans to attract investment from more strategic and financial investors through the end of the year. It wants to scale up its virtual concert platform with the investment.

AmazeVR traveled to 15 U.S. cities this summer for its first commercial virtual concert, Enter Thee Hottieverse, with Grammy-winning rap icon Megan Thee Stallion through AMC Theaters, resulting in 75 percent attendance rates for its concerts.

With Korean entertainment giant CJ ENM onboard, the company will convert concerts and music TV shows to VR music experiences with AmazeVR’s technology, with additional original content such as dramas and movies in the future to maximize their content value and business opportunities.

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AmazeVR will use the financing to scale up its VR concerts platform that would work with next-generation headsets such as the Meta Quest Pro and Apple’s own rumored VR headset.

AmazeVR also plans to expand partnerships with artists and their management agencies, labels and publishers. AmazeVR is producing VR concerts with SM artists through its joint venture Studio A established with SM Entertainment. It is also in talks with potential partners to work with top artists in the U.S.

By Lee Duk-joo and Minu Kim

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