Venture Funding

SpaceVR Reports $1.25 Million Seed Round

SAN JOSE SpaceVR, the world’s first platform for creating cinematic, live, virtual space tourism, announced it has raised a $1.25 million seed financing round. The funding is led by Shanda Group with participation from Skywood Capital. The new capital will be used to accelerate the launch of SpaceVR’s Overview 1, the world’s first virtual reality camera satellite, into space.

SpaceVR aims to provide an immersive first-hand experience of space travel via all current virtual reality devices. Taking advantage of the latest advancements in miniaturized satellite technology, SpaceVR’s state-of-the-art satellites will offer unprecedented panoramic views of our home planet from outer space, allowing consumers to experience the first ever 360-degree video content from low earth orbit.

SpaceVR will debut Overview 1 today during a keynote at the largest virtual reality conference in the world, the 2016 Silicon Valley Virtual Reality Expo, in San Jose. SpaceVR Founder and CEO Ryan Holmes will present on “VR Space Exploration” at 10 a.m.

“At the root of every major problem – climate change, bad education systems, war, poverty – there is an error in perspective that these things don’t affect us, that these things are separate. We built Overview 1 to change this. Opening up space tourism for everyone will provide a new perspective in how we view our world and how we process information,” said Ryan Holmes, founder and CEO, SpaceVR. “Astronauts who have had the opportunity to journey to outer space and experience Earth beyond its boundaries share this perspective and it has inspired them to champion a better way. We believe that this is the highest priority for humanity right now.”

As a veteran investor in the telecommunications, media and technology space, Shanda Group has investments across all aspects of the growing VR ecosystem, including hardware, software, content and entertainment and non-entertainment-related applications. “Shanda’s investments have always been focused on truly innovative, advanced and ground breaking technologies and applications. Through our investment, Shanda hopes to join SpaceVR, as the first to bring people to outer space via virtual reality applications. This allows us to turn virtual reality into reality,” said Tianqiao Chen, chairman and CEO of the Shanda Group.

With this investment, SpaceVR expects its first technology demonstration satellite to be operational in early 2017. In the intervening time, SpaceVR will focus its efforts on content delivery and distribution channels, as well as satellite and ground communication development.

Leave a Reply