VR companies continue to attract a lot of attention. TheWaveVR is one of the multiple firms focusing on a social application for virtual reality. Unlike some of its competitors, the project mainly revolves around visual art and music, which can lead to some interesting creations. With $6m in funding secured, things look promising for this startup.
A Positive Development for TheWaveVR
Startups often struggle to secure Series A funding. In the case of TheWaveVR, that has not been much of a problem. With $6m in funding secured this week, the company can move ahead with its plans. It is also interesting to note how the startup signed the term sheet with its lead investor in a VR environment.
While this is a big development for TheWaveVR, it is not their only funding. More specifically, the company now has $10m in capital to build its application and social ecosystem. With a vision of building the world’s only VR music festival which never sleeps, there is a lot to look forward to.
For DJs and other music producers, crafting a set on stage is quite straightforward. Visitors can teleport around the virtual space while enjoying the strobe lights dancing in the sky. This entire setting is outdoors, which will genuinely make it look and feel like a massive festival. TheWaveVR is taking a very different approach to social VR, yet one that is certainly appealing.
Despite the funding, key challenges remain in place for the startup. Making the product more versatile and appealing is not easy. Especially not when sticking to the original vision of the developers, which may prove to be more difficult than currently anticipated. Users can even import 3D models, animations, ad VR-created content to design completely new visual experiences. There’s a lot to look forward to, but there is even more work to be done.
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