Chinese entrepreneur Johnny Hon is to invest £1 million (US$1.4 million) to take control of a UK-based virtual reality entertainment content producer.
The deal hands Gate Ventures a 61% stake in Infinity House Productions, which Rosemary Reed and Corrina McCann founded.
Infinity House is the parent of Infinity 360° VR, which focuses on creating innovative film and television VR content that uses headsets to make immersive experiences.
Gate, meanwhile, recently became a 20% shareholder in Infinity Creative Media, of which former BBC, ITV and Channel 4 boss Michael Grade is chairman.
Infinity Creative is the production company behind Channel 5 motor series Classic Car Show, and employs an investor-funded television model that allows broadcasters to acquire new ready-made shows rather than commissioning them.
Infinity House is currently talking to a “number” of VR distributors such as Microsoft, Sony and Samsung, and also supplies content to Facebook-owned Oculus, including Living the Life, a series featuring sports star David Beckham and theatre impresario Andrew Lloyd-Webber.
“Modern technology can make sci-fi dreams reality and open up new experiences, new places and a new world to people around the globe. Infinity House Productions is a true pioneer and are already behind a range of revolutionary film, TV, marketing, wellbeing and other projects,” said Hon.
“I am looking forward working with the team to bring quality immersive VR entertainment to global consumers.”
Read an exclusive interview with Dr Johnny Hon and Michael Grade in the MIPTV 2016 issue of TBI magazine