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UK game alums have formed the indie studio Scallywag Arcade.
Its founding teams' experience includes Merge Games, Evolution Studio, and Just Add Water.
CEO Spencer Crossley leads the studio; his career experience includes Sony, Hasbro, and Warner Bros. Games.
Scallywag is developing an unnamed virtual reality project based on an entertainment IP.
"To say we were buzzing when we got our hands on this IP would be an understatement," said Scallywag's head of games Niall Taylor.
"When weighing up the best platform for the concept, it was a slam dunk for VR."