Discovery Leads $10 Million Series A for Here Be Dragons VR Studio

The studio has worked with Kathryn Bigelow and U2 since launching in 2014

Virtual reality studio Here Be Dragons has raised $10 million in Series A funding that was spearheaded by Discovery Communications.

Rebecca Howard, Senior Vice President of Emerging Platforms and Partnerships at Discovery, will be joining Here Be Dragons’ board of directors as part of the deal. The funding places Here Be Dragons’ valuation at $55 million.

“With a strong presence in the entertainment industry and a reputation for being on the cutting-edge of technology, Discovery is an ideal lead for us – one that shares our vision for the future,” said Here Be Dragons CEO Patrick Milling-Smith in a statement. “This investment will help to further broaden our creative and technological offerings – from creative ideation through production and post – while we continue to innovate and produce experiences that push the boundaries of what next-generation immersive storytelling is capable of.”

Beyond its high-profile work with the New York Times, Mr. Robot, and U2, Here Be Dragons has been on a hot streak of late, highlighted by its partnership with Kathryn Bigelow on “The Protectors: Walk in the Ranger’s Shoes.” Along with more VR content, the cash infusion will allow HBD to continue building out its augmented reality productions as well. In partnership with FX, it recently showed off a new AR project at Comic-Con using the Microsoft HoloLens.

“Discovery and Here Be Dragons share a passion for creating thrilling, cutting-edge content that takes viewers places they never thought possible,” said Karen Leever, EVP and general manager at Discovery Digital. “We look forward to what comes next from the incredibly talented team at Here Be Dragons.”

The Los Angeles-based company was founded in 2014 as a companion to WithinVR, and shares Chris Milk as a co-founder.