Improbable, a London-based virtual reality firm, has raised $500 million (€460m) in one of the biggest investments in an early stage European technology business.

Improbable was founded five years ago by Herman Narula and Rob Whitehead, who studied computer science together at Cambridge University. Their aim was to build large-scale virtual worlds and simulations – mainly for games developers but also for other clients who could use them in applications such as modelling transport systems.

Japan’s Softbank was among the investors in a funding round that valued the company in excess of $1 billion.

Categories: Articles, Business, Funding, VR