The British virtual reality (VR) industry continue to grow alongside the larger VR industry. As a sign of this growth, UK VR developer nDreams have announced that it has secured £2 Million in funding from Mercia Technologies, with an additional £700,000 from other private investors.
The company has been focussed on rapid growth as the VR industry continues to grow and mature. Ndreams have recently welcomes Paul Fitzsimmons as its new chairman and Rob Precious, a former Director of Business at ARM has also joined the board at nDreams as a non-executive director. The company sees these new hires and new investments as part of its upcoming drive towards creating new content, particularly in the VR arcade area, as nDreams have signed a contract to supply content to a ‘leading VR arcade company’.
Patrick O’Luanaigh, CEO and Founder of nDreams, said: “Mercia’s continued support, and the backing of private investors, bolsters our relentless ambition to remain at the forefront of VR. The company has expanded rapidly over the past 12 months leading to outstanding opportunities, including our move into VR Arcades and our continued focus on creating innovative VR content for home headsets. We’re also delighted to welcome Paul and Rob to the board, who bring a wealth of experience and insight to the team.”
Mike Hayes, Investment Director at Mercia Technologies PLC, added: “nDreams continues to thrive within the VR market, a sector expected to be worth in excess of $30 billion by 2020. Its growing reputation as one of the UK’s leading developers and publishers of VR content demonstrates the significant progress that the company has made this year with many of the major hardware brands in this rapidly growing market. We are delighted to continue to back this industry-leading team.”
VRFocus will bring you further news on nDreams and its upcoming projects as it becomes available.
Source: nDreams Secures £2.7 Million In Funding