CMC in $65m round for US VR tech developer Jaunt
Jaunt, a US-based start-up that develops virtual reality (VR) technology, has received a $65 million Series C round of funding led by Walt Disney, media-focused PE firm China Media Capital (CMC), TPG Growth, Evolution Media Partners and Participant Media.
This round brings the company's total funding to over $100 million. Existing investors also participated, including Google Ventures, Highland Capital, Redpoint Ventures and SV Angel.
Palo Alto-headquartered Jaunt, founded in 2013, has filmed movies, comedy, concerts and documentary that users can watch through the company's self-developed headsets in VR effect. The start-up established Jaunt Studio earlier this year, which is focused solely on developing live-action VR technology. It currently works with several commercial brands and artists to create new content, including The North Face, ABC News, Rebecca Minkoff and Conde Nast.
CMC sees great potential for VR technology in film, television, games, and sports coverage, as well as in other entertainment content and experiences. "Jaunt will be an important step in CMC's foray into this global entertainment technology revolution," said Ruigang Li, CMC's chairman, in a statement.
Jaunt will use the new funding to hire more staff, scale up VR content production and improve its camera hardware and software technology.
CMC is boosting its investments in the media and entertainment value chain. The Jaunt transaction came shortly after CMC and Warner Brothers Entertainment agreed to form a joint venture to produce Chinese language films. Last year, the firm partnered with FountainVest Partners to pay $80 million for a 20% stake in IMAX Corporation's China subsidiary, which is now moving forward with a Hong Kong IPO.
CMC's Li, former chairman of Shanghai Broadcasting and president of Shanghai Media Group, founded another start-up called Whaley Technology, a smart TV maker, in April. Last month, the company raised RMB2 billion ($313 million) in funding from CMC, Alibaba Group and Tencent Holdings.
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