Metro-Goldwyn-Mayer, one of Hollywood’s oldest studios, is getting into one of its newest technologies: virtual reality.
VR firm Survios announced Tuesday that MGM has led a strategic investment in the company, one of two recent financing rounds that have infused it with $50 million in capital. The other, prior round was led by Lux Capital with participation from Shasta Ventures, Danhua Capital, Shanda Holdings, Felicis Ventures and Dentsu Ventures.
As part of MGM’s investment, the studio’s chairman and CEO Gary Barber has joined Survios’ board.
The virtual reality company plans to use the new funds to grow its publishing and distribution platform, add third-party titles and expand internationally. Survios’ “Raw Data” was the first VR game to top the global Steam Charts — which tracks what people are playing online — and broke $1 million in revenue in one month.
“We are thrilled to be in business with Survios, a true pioneer in the virtual reality space,” Barber said in a statement announcing the deal. “Survios is the ideal partner for us as we continue to explore the most innovative ways to optimize our existing IP, create exciting new content, and expand into emerging platforms.”
“I’m humbled to have Gary join our board and to bring on such a storied partner as MGM,” Survios co-founder and CEO Nathan Burba said in the statement. “This puts us in a position to achieve our goal of becoming the leading publisher and content creator in virtual reality.”