Two industry Veterans have all started a $50M venture capital fund to invest in early-stage virtual reality, augmented reality and mixed reality startups.
Former Chief Executive of PlayFirst and Tipatat Chennavasin, Former Head of Mobile game maker Big Head Mode, Marco DeMiroz have started the Venture Reality Fund.
The attempt is to fund innovative companies across a wide variety of sectors in the emerging VR, AR and MR. So they simply are part of what beats within the Augmented Reality word and Virtual Reality initiatives which are expected to become a $150 billion market just by 2020 according to tech advisor Digi-Capital.
“We are eager to help entrepreneurs bring industry-defining technology to market faster, and to positively impact their growth path by providing the capital, insights and strategic relationships needed at this critical time,”
“The best way to predict the future is to build it, the second best way is to fund it. We believe in the transformative powers of this new medium and want to help make VR, AR, and MR happen in the best way possible.” the fund organizers said on their website.
Although there have been formation of funds from other sources so as to back up these New emerging market. One of them is the $10 million Presence Capital fund started in December.
DeMiroz was previously the CEO of Evolution Media Partners which had invested in JauntVR where he currently serves as a board observer. He is also a board member at the leading mobile marketing company Swrve and he is actively advising other bunch of media and tech firms within the Virtual Reality and Augmented Reality world.
For Chennavasin, the experience is creating both interactive VR/AR and 360 video. He became convinced of the of the power vested in the VR when he accidentally cured himself of his real life fear of heights whe developing in VR. He had also Co-Founded a Mobile Game startup Big Head Mode where he was a CEO but later was sold out to PlayFirst so as to focus his mights on Virtual Reality. He was also the VR expert at Rothenberg Ventures and co-founder of the River New Frontier Accelerator Program.