8i, a company that develops holographic technology for virtual and augmented reality, has announced a $27 million (€25.4m) Series B round of funding to support the launch of its new mixed reality app Holo in 2017.
The new round, which brings 8i’s total funding to $41 million, was led by Time Warner Investments, with participation from Baidu Ventures, Hearst Ventures, Verizon Ventures, One Ventures, Carsten Maschmeyer’s Seed & Speed Ventures, and existing investors. This is the first investment in VR/AR for Baidu through its recently formed fund, Baidu Ventures. Time Warner Investments Managing Director Scott Levine joins 8i’s board.
Holo lets users add holograms to their real-world environments and take videos and photos they can share with friends across their social channels and messaging apps. The app provides an innovative way for influencers across entertainment, music, and sports to reach and engage their audiences, and drive a new form of user generated content around their brand.
“As consumers are augmenting, mixing and creating new content on their smartphones on a massive scale, mobile presents an unparalleled opportunity for distribution of holograms,” said 8i CEO Steve Raymond. “We’re thrilled to have the strategic expertise and backing of leaders in media, technology, and communications as we bring audiences new ways to create and engage with content. With this global round, we look forward to partnering with our investors from the US, China, Europe, and Australia as we bring our technology to consumers worldwide.”