Comcast leads funding in Spaces

Comcast Ventures is amongst firms to have invested US$3m in a fledgling virtual reality company launched by execs behind DreamWorks Animation’s VR content.

Spaces creates virtual and mixed reality experiences and has been co-founded by CEO Shiraz Akmal and chief technology officer Brad Herman.

The company’s executive team has previously led the development and creation of the Dragons VR flying experience for Oculus Rift and the initial version of DreamWorks Color, an augmented reality app that brings children’s 2D creations to life, as well as the DreamWorks VR app.

Dean Orion, the firm’s executive creative director, has written for TV and created interactive, location-based attractions for DreamWorks Animation and Walt Disney Imagineering.

The firm, founded in January, is already working with Microsoft and NBCUniversal among others to develop and produce projects across platforms and technologies including Oculus Rift, HTC Vive and Samsung Gear VR.

The initial funding round was led by Comcast Ventures, with VC firms including the Sinovation Fund, Boost VC, Canyon Creek Capital and Colopl VR Fund also on board.

“In every respect, VR is creating new horizons, and we’re eager to help companies explore them,” Herman said.

“Spaces has a compelling and clear vision to be the catalyst for companies looking to create VR and MxR [mixed reality] experiences,” added Comcast Ventures MD Michael Yang.

Kai-Fu Lee, founder and CEO of Sinovation Fund, added: “All around the globe, VR is transforming how we build, create and publish content, and how we experience the world. The Spaces team has the ability and the background to make an enormous impact on VR and MxR, and I am eager to see what they accomplish.”