Softbank and other Asian investors buy into live virtual reality with NextVR series B

A lot of ink has been spilled about the potential for virtual reality technology to revolutionize games and to offer ride-style experiences. But what about using VR to put people right into the middle of the action live, at sporting events or concerts? That’s the vision of American VR startup NextVR, and it’s a vision some of Asia’s biggest investors are buying into.

On Tuesday, the American startup announced that it has completed a US$80 million series B round. Investors in the round include Japanese tech giant Softbank, Chinese internet and gaming company Netease, and a whole bunch of other Chinese investors including CITIC Guoan, CMC Holdings, VMS Investments Group, and China Assets (Holdings) Limited. American investors from the firm’s 2015 series A round also participated.

NextVR hopped across the Pacific to find investors for a reason: the company wants to build a stronger presence in Asia, offering more local and international content in China, Japan, and Korea. “Having the support of Asia’s biggest players provides us with significant resources,” said NextVR executive chairman Brad Allen in a statement.

NextVR plans to use the investment to bring more content – sports events, concerts, shows, and more – to more markets in virtual reality, and to advance the development of its VR platform. Right now, NextVR shows, events, and videos are available through a GearVR app.