Comcast Leads $6.8 Million Funding in VR Studio Felix & Paul

Comcast is making another bet on virtual reality: The cable and media giant is the lead investor in VR studio Felix & Paul Studios’ $6.8 million round of Series A funding.

The round was led by Comcast Ventures, with participation from Caisse de dépôt et placement du Québec, LDV Partners, and existing investor Phi Group. Felix & Paul has raised $9.1 million to date; the company is not disclosing its valuation.

Comcast Ventures has previously invested in Spaces, an L.A. startup developing virtual-reality and mixed-reality experiences founded by former DreamWorks Animation execs, and AltspaceVR, a startup building social spaces in VR.

“Felix & Paul Studios is the trailblazer in cinematic virtual reality as they have produced the best VR content for the Oculus Rift and Samsung Gear VR for three years now,” said Michael Yang, managing director at Comcast Ventures. “Their stories have touched audiences all over the world and their pieces are award winning. We were attracted to their artistic vision, their track record with viewers, and their full technology stack.”

Felix & Paul’s VR productions include cinematic experiences “Nomads” and “Strangers” and virtual-reality projects in collaborations with existing franchises — including “Jurassic World,” Cirque du Soleil and “Wild” — and celebrities like Bill Clinton and LeBron James.

F&P said it will use the investment to grow its team and production capacity for its content pipeline; enhance its proprietary VR cameras; and expand its production and post-production software suite. Additionally, the studio will expand distribution of its VR experiences and apps to more platforms and international markets.

“This round of funding, led by the venture arm of one of the largest media and entertainment companies in the world, not only speaks to the power of our model but also points to a massive need for high-quality VR content across the media landscape,” Stéphane Rituit, co-founder, president and executive producer at Felix & Paul, said in a statement.

Launched in 2014, Felix & Paul Studios employs 37 VR specialists, based at its Montreal headquarters and in Los Angeles. Last year, the studio produced seven VR experiences for Facebook’s Oculus platform across Rift and Samsung Gear VR. The company says it currently has over 30 projects in various stages of development.

“Felix & Paul are incredibly talented filmmakers that have been pioneering VR since the earliest Oculus dev kits,” said Jason Rubin, head of content at Facebook’s Oculus. “They’ve continued to push the boundaries of cinematic VR and are instrumental in the growth of the medium. I can’t wait to see what they’ll do next.”

In conjunction with the funding, Comcast Ventures’ Yang will join the Felix & Paul Studios board.

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