The round will allow them to continue developing virtual and augmented reality films and experiences, as well as fostering innovation and growth.
Penrose Studios, creator of the free Allumette experience, has announced that it has lifted $ 10 million of a series A funding round led by TransLink Capital alongside other investors such as SalesForce’s Marc Benioff, the singer will.i.am Korea Telecom, Co-Made, Sway Ventures, 8VC and Suffolk Equity. The capital raised will be used primarily to augment their team with new artists and engineers, focus on ways to elevate VR and AR as narrative platforms, and continue to drive the development of their content creation tools.
“We are excited to be operating in an industry that is fertile ground for innovating business models and finding the friendliest ways to monetize and grow the industry as a whole. We don’t like to ruin good surprises, but you can expect a lot more from us on this front over the coming months and years,” says Eugene YK Chung, CEO of Penrose Studios.
As the words of the CEO of Penrose point out, the company will make new announcements soon. His latest project, Arden’s Wake, debuted this year’s chapter Tidy’s Fall at the Tribeca Film Festival, although the experience is not yet available to the public. “We look forward to continuing our work to define the next generation of human narrative,” concludes Eugene.