Oculus VR raises $16m in series A funding

Oculus Rift firm almost triples its initial funding target

The company behind the highly anticipated Oculus Rift has raised $16 million in its first round of funding.

According to a report from Panodaily - later confirmed by AllThingsD - the series A round was led by Spark Capital and Matrix Partners. Oculus VR entered the round with a funding target of $5.5 million, but it was so over-subscribed that it ended with almost triple that amount.

The hype around the Oculus Rift has been steadily building ever since its public debut at E3 2012. Oculus VR still hasn't set a launch date for the consumer product, but the Kickstarter-funded dev kits started shipping at the end of March.

Digital Foundry assessed a dev kit for GamesIndustry International at the end of April, calling it a, "landmark achievement...that represents a new way to play games." However, the early version of the Oculus Rift wasn't without problems.

"Oculus Rift offers the potential for complete gaming immersion, but what it doesn't offer is any way to better interact with the world it so vividly brings to life... You want to reach out and touch things, and interact in a more intuitive manner - but you can't.

"For all its drawbacks, the Rift makes a powerful statement about the future of virtual reality, but even with the dev kit's major issues addressed, we're still a long, long way off from an experience that lives up to the raw potential."

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Latest comments (6)

The hype around the Oculus Rift has been steadily building ever since its public debut at E3 2012.
Think we can say that we have now entered the second phase of the Virtual Reality Entertainment business - this will prove very interesting, especually as the majority of the consumer game development community abandoned interest in true immersive entertainment, and has painted themselves into a corner only supporting a console route to market approach!

Will the winners of VR-E be the indies?
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Benjamin Crause Supervisor Central Support, Nintendo of Europe8 years ago
I still wonder: Do these work for people like me who wear glasses?
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Rick Lopez Illustrator, Graphic Designer 8 years ago
Im pretty adamant about not putting something on my face to play. To this day I stay away from 3D TV's that make me wear anything on my face. To me 3d will become a reality when you can make life projections of things in a 3D space and you can move about around, inbetween and throw these object. This is still a 2D space. Its nothing more than a screen in your face. Even if it can detect head movements, i doubt Id have enough space in my chair to turn 360 degrees, jump, walk and behave like I would in reality. I would need a huge contraption for my body with the abilities of a treadmill to allow me to walk run and displace myself in the 3D world. So id be restricted to a chair, gamepad and this thing on my face. But anyway, I got nothing much to say about this thing, never tried it. I know a sex game has been announced for it...

Edited 1 times. Last edit by Rick Lopez on 18th June 2013 4:04pm

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@ Benjamin while there is a few different lenses available for basic eye prescriptions, the mask does allow for a lot of adjustability and people with glasses will and are able to use it.

@Rick dont knock it before you try it, its not just a screen pushed up against your face, it actually tricks your eyes and mind into seeing much more than just a 2-d screen in front of your face.

Edited 2 times. Last edit by Todd Weidner on 18th June 2013 4:29pm

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Brook Davidson Artist / 3D design 8 years ago
It isn't just a screen in your face. If you at the very least look at some videos on how it works, you would know that. So in other words your commenting on something you do not know anything about at all. The way it works is it uses a fish eye effect and then they correct with lenses to fix it and send the light to your eyes just how you would receive the light in reality. This creates a world that makes you feel like you can literally reach out and touch the objects you are seeing. It's like being able to jump into another world.

If it was just another screen in your face, do you really think it would be as popular as it is and would have raised this much money?
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Eric Leisy VR Production Designer, Nike8 years ago
I just have to jump in and add my two cents, Rick. I think you should really try this device before you write it off. It's truly incredible, and it's not really like wearing 3D glasses. It's stereoscopic vision using the two LED screens inside, and in conjunction with the head tracking effect - it's actually quite overwhelming to use at first. I had an opportunity to sit down with one to use the UNreal engine demo, and it was quite literally mind blowing. At first my brain was quite confused, because it really feels like you are truely in a virtual reality that looks and feels similar to real life. This doesn't feel like a gimmick anymore, it feels really immersive, and well... real.
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