Chinese media fund invests in virtual reality

SHANGHAI, Sept. 22 (Xinhua) — Media and entertainment investment fund China Media Capital (CMC), together with industry players including Disney, have invested 65 million U.S. dollars in Jaunt, a company pioneering cinematic virtual reality (VR).

The deal will give Jaunt resources to create more content and innovate in VR filmmaking, said CMC in a statement on Tuesday.

The series C round of funding will greatly expand Jaunt’s global reach, helping make VR the next mainstream content medium, it added.

There is much room for VR technology to be applied in film, television, games, sports, and mobile media, according to the statement.

In recent years, advances in technology and mobile devices have made fully-immersive VR possible and accessible to the masses.

CMC was founded in 2010 as China’s first private equity fund for financing media companies, with an initial fund of 2 billion yuan (314 million U.S. dollars). Enditem


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