Dubai Billionaire, Nickelodeon Join Spielberg Backing VR Startup

An attendee operates the Oculus VR Inc. Rift virtual reality (VR) headset during the company's Connect 4 product launch event in San Jose, California, U.S., Oct. 11, 2017.

Photographer: David Paul Morris/Bloomberg

A virtual-reality company backed by 21st Century Fox Inc. and Warner Bros. completed a $30 million funding round, about 50 percent more than originally planned.

Dreamscape Immersive, which is developing virtual-reality arcades for shopping malls, said Wednesday the Series B financing included AMC Entertainment Holdings Inc., Viacom Inc.’s Nickelodeon, Dubai billionaire Majid Al Futtaim, VRSense Solutions Ltd. and Image Nation Abu Dhabi. Original investors include Steven Spielberg.

The Los Angeles-based company is tapping red-hot Hollywood interest in virtual reality, which is seen as a new medium to tell stories and draw fans. The company announced in September that AMC Entertainment, the largest theater chain, would invest at least $20 million.

Dreamscape plans to open up to seven VR centers, including a flagship location at the Westfield Century City mall in Los Angeles early next year. The company has commitments from AMC to finance as many as six Immersive VR Centers at theaters and other locations in North America and the U.K.

Other investors include VRSense Solutions Ltd., a wholly owned subsidiary of PC Partner Group Ltd. and maker of PC backpacks, who will help the company advance hardware development.

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