AMC Entertainment has invested in and formed a partnership with location-based virtual reality startup Dreamscape Immersive.
As part of the agreement, AMC will be the lead investor in a $20 million series B financing round. It will commit $10 million in equity investment and will finance up to six Dreamscape Immersive VR centers within AMC cinemas and standalone locations in North America and the U.K. over the next 18 months.
These locations are in addition to Dreamscape Immersive’s flagship location, which is scheduled to open at the Westfield Century City Mall in Los Angeles during early 2018. In addition, AMC will invest $10 million in a content fund.
Dreamscape reported that it has already green-lit its first piece of original content and is currently in licensing conversations with several major studios and IP-holders.
Led by co-chairmen Walter Parkes and Kevin Wall, as well as CEO and former Disney Imagineering chief Bruce Vaughn and COO Aaron Grosky, Dreamscape uses body-mapping technologies to allow consumers to appear as rendered avatars inside virtual worlds. The technology is designed for interaction with up to six people simultaneously.
The company completed its series A funding in January with initial investors including Warner Bros., 21st Century Fox, MGM, Imax and Steven Spielberg. Its advisers include director Gore Verbinski; composer Hans Zimmer; production designer Rick Carter; Dan Fellman, past president of domestic distribution at Warners; and Tom Staggs, former COO of the Walt Disney Co.