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Comcast Ventures has led a $6.8 million investment in virtual reality firm Felix & Paul Studios.
The Montreal-based company, which produces cinematic VR stories such as Wild: The Experience, says it plans to grow its team to expand its production capacity, enhance its camera and expand its production and postproduction software. The studio also will expand distribution to more platforms and markets.
“This round of funding, led by the venture arm of one of the largest media and entertainment companies in the world, not only speaks to the power of our model but also points to a massive need for high-quality VR content across the media landscape,” studio co-founder and president Stephane Rituit said Wednesday in a statement. “We are excited to use this new capital to accelerate our goal of building a global VR studio — known for producing the highest caliber of immersive and engaging VR experiences for everyone to enjoy.”
Felix & Paul shoots live-action virtual reality films, including documentary-style experiences with LeBron James and Bill Clinton as well as companion pieces to films like Jurassic World. Last summer its work attracted the attention of Facebook-owned Oculus, which inked a multiyear deal with Felix & Paul to develop original experiences for the Rift virtual reality headset.
More recently, the company has turned its attention to building out its efforts. In March it hired New Regency’s Ryan Horrigan as its first Los Angeles-based executive.
“Felix & Paul Studios is the trailblazer in cinematic virtual reality as they have produced the best VR content for the Oculus Rift and Samsung Gear VR for three years now,” said Comcast Ventures managing director Michael Yang. “Their stories have touched audiences all over the world and their pieces are award-winning. We were attracted to their artistic vision, their track record with viewers and their full technology stack.”
Other investors in the round include Caisse de depot et placement du Quebec, LDV Partners and existing investor Phi Group. As part of Comcast’s investment, Yang will join the Felix & Paul board.
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