Virtual-Reality Firm Spaces Raises $6.5M

Virtual Reality - H 2015
Illustration by Lars Leetaru

Los Angeles-based virtual- and mixed-reality firm Spaces has raised $6.5 million in series seed funding, having previously raised $3 million. The investment was led by China-based Songcheng Performance Development Co. (also an investor in the initial round), with additional investment from Comcast Ventures.

Spaces additionally maintains a joint venture with Songcheng’s theme-park unit, which is aimed at creating VR attractions.

“Through our Spaces parks and attractions division, we’re fundamentally reimagining the theme park experience,” asserted Spaces co-founder and CEO Shiraz Akmal, an alum of DreamWorks Animation, in a statement. "Together with our Songcheng joint venture, this new capital expands our efforts to create entirely new kinds of VR-enabled destinations."

Investors include Boost VC, Colopl VR Fund, Gree, Kai Huang, The Venture Reality Fund, Youku Global Media Fund and CRCM VC — all of whom were initial investors in Spaces.

Also announced on Friday, former DreamWorks Animation CFO Fazal Merchant, Comcast Ventures managing director Michael Yang and Songcheng Technology general manager Ethan Wang have joined Spaces’ newly formed board of directors.