Report: NextVR raises $20m from Chinese firm

NextVR, a company that specialises in virtual reality live-event streams, has reportedly raised US$20 million from Chinese investment group CITIC Guoan.

According to a Variety report, CITIC bought Class B shares representing 2.3% of NextVR’s total equity, with the deal part of a planned US$80 million round that will value the firm at US$800 million.

NextVR raised US$30.5 million last November in a funding round led by venture capital firm Formation 8, which also included backing from Comcast Ventures and Time Warner Investments.

Virtual reality has become an interesting space for producers and broadcasters, with the idea of immersive, 360-content increasingly appealing as technology and experience capabilities improve.

Numerous media, entertainment and tech companies have launched initiatives and studios dedicated to the medium in the past year.