The Beverly Hills-based movie and television studio Metro-Goldwyn-Mayer led the investment in virtual reality game developer Survios. The VR firm has raised a total of $50 million in two separate financing round. MGM Chairman and CEO Gary Barber has joined the board of the gaming start-up Survios as part of the investment.
The investment marks the latest move by Hollywood to invest on the cutting-edge entertainment technology. Survios produced the popular first-person shooter game "Raw Data." The virtual reality game generated more than $1 million within one month, a revenue that only a few companies have been able to get with VR-only titles.
Barber expressed his excitement in working with Survios, which he called "a true pioneer in the virtual reality space."
"Survios is the ideal partner for us as we continue to explore the most innovative ways to optimize our existing IP, create exciting new content, and expand into emerging platforms," he said.
The companies did not disclose how much MGM invested in Survios. Other investors in the start-up's round of funding are Lux Capital, Shasta Ventures, Danhua Capital, Shanda Holdings, Felicis Ventures and Dentsu Ventures.
Survios' co-founder and CEO Nate Burba said that the additional capital invested in the company will be used to grow its publishing and development platform, develop more gaming titles, and expand internationally.
He said that MGM is an ideal investor because of its know-how in the traditional entertainment industry and its diverse library of films and TV shows.
MGM has released many successful films including the James Bond franchise, Robocop, The Hobbit, The Magnificent Seven, Ben-Hur, The Pink Panther, and Rocky film series.
"They're the perfect partner to learn from. We wanted a partner who understands how to develop, produce and release high-end creative content. They definitely have a robust catalog of titles to explore, and we're excited to get into that," Burba said.
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