VR Startup Penrose Studios Receives $8.5 Million Funding

Published by , March 13, 2016 6:15 pm

(Variety) VR startup Penrose Studios announced that it has raised $8.5 million in seed-round funding. The financing was led by Accelerate-IT Ventures with participation from TransLink Capital, Suffolk Equity and 8 Angel. Several angel investors also contributed to this round. Penrose has developed a unique approach to VR storytelling through hand-crafted visuals. Penrose said it will use the funding to create new VR and augmented-reality experiences as well as expand its team of engineers and artists.
“This is a pivotal moment for us,” said former Oculus exec Eugene Chung and now founder and CEO of Penrose Studios. “We’ve come a long way from the early stages of this new medium. Today’s announcement marks a milestone for the industry as well as our studio.”

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