Oculus VR Just Raised $75 Million In Funding

Oculus VR, the company behind the Rift VR headset that’s been at the forefront of PC gamer’s minds for over a year now, just raised $75 million in Series B funding, with venture capitalist juggernaut Andreessen Horowitz leading the round.

The money will be used to “…finalize the creation of a complete virtual reality platform and ecosystem.” With the Rift headset well on its way, and the Oculus Share space acting as a hub for VR developers the world over, we can expect both hardware and software from Oculus to take off aggressively over the next six months.

Speaking of software, Oculus Founder Palmer Luckey just told The Verge that his company will help fund game purpose-built for the Rift and VR gaming.

“They’re not just betting that their game will be successful, they’re also betting that Oculus will sell enough units to make their game profitable, and that’s a really big bet for a developer to make.”

“If a company is going to take out a lot of time from their development schedule to build a game in VR, we don’t want them to have to shoulder all of that risk themselves,” says Luckey.

Andreessen Horowitz co-founder Marc Andreessen will join the Oculus VR board, bringing a train full of money with him. The funding is the third round of cash to go into the company — Oculus raised $16 million in Series A funding this past Summer, and collected $2.4 million during its successful Kickstarter campaign in 2012.

Founded in 2009, Andreessen Horowitz has invested in some of the biggest tech and social media companies around, including Facebook, Twitter and Skype.

The Rift took down Game Front’s Best of CES 2013 earlier this year, and we expect plenty of news from the company next month at CES 2014. Check out the full press release below.

Oculus VR Raises $75M in Series B to Make Virtual Reality a Commercial Reality

Venture Capital Firm Andreessen Horowitz Leads the Round

IRVINE, CALIFORNIA (Dec XX, 2013) – Oculus VR, Inc., creators of the highly anticipated Oculus Rift, today announced that it has raised $75 million in Series B funding to finalize the creation of a complete virtual reality platform and ecosystem. Andreessen Horowitz led the round, which also included significant additional investment from the Series A investors Spark Capital, Matrix Partners and Formation|8.

Founded in 2009 by angel investors Marc Andreessen and Ben Horowitz, Andreessen Horowitz is world renowned for supporting the growth of emerging technologies that change the world – companies like Facebook, Airbnb, Jawbone, Twitter and Skype. As part of the round, Marc Andreessen will join Oculus VR’s board of directors.

“Over the past 16 months, we’ve grown from a start-up to a company whose virtual reality headset is poised to change the way we play, work and communicate,” said Brendan Iribe, CEO of Oculus VR. “40,000 developers and enthusiasts, as well as a number of great partners, have joined our cause and helped us bring the seemingly impossible to life. This additional infusion of capital, as well as the leadership and experience of Marc Andreessen, will help us take the final steps toward our ultimate goal: making virtual reality something consumers everywhere can enjoy.”

“We believe Oculus will not only alter the gaming landscape but will redefine fundamental human experiences in areas like film, education, architecture, and design. Oculus is at the tip of the iceberg of its potential, and we’re incredibly excited to help them change the world,” said Mark Andreessen, co-founder of Andreessen Horowitz.

Oculus VR previously raised $16 million in a Series A, $2.4 million through its Kickstarter campaign – almost 10 times its fundraising goal – and has sold more than 40,000 Oculus Rift development kits to date to developers that are actively supporting the headset. The Oculus Rift is a virtual reality headset that provides an immersive, stereoscopic 3D experience with a huge field of view—110 degrees diagonally—and that overcomes latency challenges.

“The games industry is well past the point where more pixels, texels, flops, and frames displayed on the same fixed screens are really changing the experiences that players get. I could say the same about other digital experiences as well. What will revolutionize gaming, and interactive content in general, is putting people inside the digital world. That is our goal at Oculus, and this Series B will help us get there,” said John Carmack, CTO of Oculus VR.

Oculus is currently recruiting world-class engineers to help develop the Oculus virtual reality platform. No release date has been set for the commercial release. To stay updated on Oculus’ progress as well as to apply for positions at Oculus, please visit http://www.oculusvr.com.

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