For CMC it is the third move into VR. It previously bought a stake in Jaunt, and invested in its own Whaley Technologies unit, which runs from smart-TV sets through to VR.
The investment was also the second into Next VR by a Chinese firm. Last month it emerged that CITIC Guoan, part of state-owned investment giant CITIC, and a backer of Dick Cook Studios had earlier bought in.
NextVR is currently seeking $80 million of fresh capital. The deals help to underpin its $800 million valuation. Last year it raised $35 million in two investment rounds led by Vectr Ventures and Formation8 Partners.
The company broadcasts live, high-definition, three dimensional video over the Internet. Its has broadcast live basketball matches and an address by U.S. President Obama. NextVR said that the new cash would be used to expand its channels and to improve its technology.
- In a largely unrelated move, CMC last week unveiled a $15 million investment in Cubee.com. The company provides sports data, with one of its core products being a match predictor based on big data analysis.