Raw Data is about as close to a financial success story as VR has this early in the field's development, having brought in more than $1 million in its first month. That might have helped convince investors that developer Survios was on the right track, as the company today announced that it has closed two funding rounds, representing an investment of $50 million into the studio.
The company's series C funding was led by media company Metro-Goldwyn-Mayer, which is putting its chairman and CEO Gary Barber on the Survios board of directors. The series B funding was led by Lux Capital with additional funding from Shasta Ventures, Danhua Capital, Shanda Holdings, Felicis Ventures and Dentsu Ventures.
Survios has said it will use the investment to continue work on Raw Data, add third-party titles to its publishing plans, and expand its distribution into more countries.
"I'm humbled to have Gary join our board and to bring on such a storied partner as MGM," said Survios co-founder and CEO Nathan Burba. "This puts us in a position to achieve our goal of becoming the leading publisher and content creator in Virtual Reality."
For more on Survios' plans for VR, check out our recent interview with the company's head of studio Chris Hewish.