VR Startup Spaces Lands $6.5 Million From Chinese Theme-Park Operator Songcheng, Comcast, Other Investors

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Courtesy of Spaces

Spaces, the virtual- and mixed-reality firm founded last year by VR vets from DreamWorks Animation, has raised $6.5 million in funding led by China’s Songcheng Performances Development Co. Ltd., one of the world’s biggest theme-park and performing arts companies, with participation from previous investor Comcast Ventures and other venture-capital firms.

Spaces also announced three new members of its board of directors: former DreamWorks Animation CFO Fazal Merchant; Comcast Ventures managing director Michael Yang; and Ethan Wang, GM of Songcheng Technology.

The funding brings L.A.-based Spaces to a total raised to date of $9.5 million, after its $3 million seed round last year. Previous investors Boost VC, Colopl VR Fund, GREE Inc., Kai Huang, the Venture Reality Fund, Youku Global Media Fund and CRCM VC each contributed to the latest round.

Songcheng’s investment comes after it announced a $30 million joint venture with Spaces last summer. Under the pact, the companies previously said, Songcheng’s theme parks will add VR and mixed-reality elements to existing attractions, including its “elaborate, epic stage shows” that attract more than 7 million people annually. In addition, they said they planned to build standalone virtual-reality attractions and parks throughout China, as well as develop VR and mixed-reality for Songcheng’s live-streaming video site 6Rooms.

Space’s two co-founders, CEO Shiraz Akmal and CTO Brad Herman, both previously worked on DWA’s VR content experiences. The company takes its name from the base unit of virtual reality (a “space”).

“Through our Spaces Parks & Attractions division, we’re fundamentally reimagining the theme park experience with stunning advances in VR technology,” Akmal said in a statement. “Together with our Songcheng joint venture, this new capital expands our efforts to create entirely new kinds of VR-enabled destinations.”

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