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Major Takeaways:

  • AltspaceVR raises a $10 million funding round from both new and existing investors.
  • New investors in the round include Comcast Ventures, while already existing investors in this round include Tencent, Dolby Family Ventures, Raine Ventures, Lux Capital, Western Technology Investments, Maven Ventures, Promus Ventures, Streamlined Ventures and Rothenberg Ventures.
  • This brings the total funding raised to $15.7 million.

Highlights from the article:

Redwood City, Calif-based AltspaceVR has raised a new $10 million round of funding for an interesting proposition: AltspaceVR wants to build social spaces for virtual reality (VR) experiences, allowing users to mingle and watch movies with each other, browse the web together or even face off against each other in casual games.

AltspaceVR has been working on this idea of a social VR space since 2013, and opened up a beta test of its platform in May. Altspace has since attracted a couple thousand users, according to bruce Wooden, the company’s head of developer and community relations. It’s a small community, but Altspace has proven sticky to the ones who try it: The average session lasts between 25 and 30 minutes, according to Wooden.

…The company is also close to releasing an SDK, which could help others to build 3D apps within Altspace that are based on simple web technologies. “We can be the social backbone for making a VR app,” said Wooden.

Altspace isn’t alone with this approach: Linden Lab, maker of the popular virtual world Second Life,is currently developing a new platform optimized for virtual reality code-named Project Sansar. But while Project Sansar is building upon many of Second Life’s core ideas, Altspace is trying to become a more transient social layer. “We are not looking to build a persistent world,” explained Wooden.

Head over to Variety to get the full scoop.