Hollywood continues to spend big on virtual reality: Culver City, Calif.-based virtual reality startup Survios has raised a new Series C round of funding led by Metro-Goldwyn-Mayer. MGM Chairman and CEO Gary Barber has joined the startup’s board as part of the investment.
“We are thrilled to be in business with Survios, a true pioneer in the virtual reality space,” said Barber in a statement. “Survios is the ideal partner for us as we continue to explore the most innovative ways to optimize our existing IP, create exciting new content, and expand into emerging platforms.”
There’s no word on how much MGM has exactly invested into Survios; combined with a previously-undisclosed Series B from late 2015, the amount of money raised totals $50 million, according to the startup. Investors in that round included Lux Capital, Shasta Ventures, Danhua Capital, Shanda Holdings, Felicis Ventures and Dentsu Ventures.
Survios is best known for virtual reality games like “Raw Data,” which generated more than $1 million in revenue in just a month. That’s not an insignificant amount for an industry in its infancy: Venture Reality Fund Co-founder & General Partner Tipatat Chennavasin said during the Virtual Reality Intelligence conference in San Francisco last week that only a handful of companies have been able to generate more than one million dollars with VR-only titles thus far.