Virtual reality movie maker gets £42m in funding

A company creating cameras and software capable of filming 360-degree videos has just gotten a significant money boost, which signals that the era of virtual reality movies is almost upon us.

The company, called Jaunt, has received $65 million (£42m) in series C round of funding. In investment was led by The Walt Disney Company, together with Evolution Media Partners – a partnership of CAA-backed Evolution Media Capital, TPG Growth and Participant Media; and Chinabased China Media Capital (CMC).

The company, which makes hardware and software for virtual reality, has now raised more than $100 million (£64.6m) since it was founded two years ago. It says it will use the money to "greatly increase production" and advance its camera hardware and software tools, the company said in a press release.

“This round further illustrates our commitment and dedication to advancing the scope of cinematic VR – for filmmakers, storytellers, and audiences alike,” said Jens Christensen, CEO and co-founder of Jaunt. “With the support of these world-class companies, we will explore new avenues, building on our leadership position to deliver amazing VR experiences using best-in-class tools, technology, and creative teams.”

“We have been closely monitoring the evolution of video technology on the global horizon, and are excited about the potential for VR. It is having implications in areas such as film, television, games, sports, mobile, as well as other entertainment content and experiences where CMC has a profound connection and substantial engagement,” said Ruigang Li, Chairman of China Media Capital. “Jaunt will be an important step in CMC’s foray into this global entertainment technology revolution.”