AmazeVR made an announced last week that the company raised an additional $2.5 million (2.95 billion won), expanding it’s funding to a total of $9 million (10.6 billion won).
Founded by a team of experienced Korean technology executives, the company opened an entertainment hub installation in Seoul’s Incheon International Airport, making its debut in the world of location-based virtual reality (VR) experiences.
AmazeVR is a Los Angeles-based virtual reality entertainment distribution service which launched in May last year. Backed by LG, a Korean hardware manufacturer, along with YG investment and Partners Investment, the company curates, develops, and produces VR content for passionate creators and various partners.
YG Investment, the financing sector of YG Entertainment, owns a concert production company, talent agency, record label, and production company and events management.
AmazeVR’s installation is an 11,000-square-foot (1,022-square-meter) entertainment hub located in Incheon’s AirTrain station. The company said that the center is a combination of relaxation-focused video content and meditation areas.
The installation also includes a performance stage displaying immersive performances from famous musicians, courtesy of YG Investment, and an indoor playground for younger people.
AmazeVR’s chief executive Steve Lee said that one of the key objectives of the company is to expand its capabilities and widen its distribution towards offline immersive experiences as well.
He added that the location-based hub located at Incheon International Airport could expose an untapped market to the wonders of VR in general. Investors, recognizing the company’s potential and having deep connections within the entertainment industries, will help develop the service’s unique VR experiences.
The company also signed partnerships with Felix & Paul Studios and Atlas V, the last two remaining immersive entertainment studios.
Meanwhile, Earnest Lee, AmazeVR’s chief content officer, said that the company believes in the fairly promising consumer market. He said that with the initial launch of the location-based entertainment hub, the company is starting to enter the location-based industry.