Presence Capital — one of many earliest enterprise capital corporations to concentrate on virtual reality and augmented reality startups — is as we speak asserting that it has made 33 investments.
That’s a variety of investments for a fund that was announced in December 2015. Presence Capital has invested in Baobab Studios, Bigscreen, Harmonix, Nomadic, Meta, Decision Video games, Scope AR, Strivr, TheWaveVR, and Visbit. Whereas Fb purchased Oculus in 2014, Presence Capital contends that its was the primary VC fund to concentrate on VR/AR. Six of its investments are in sport firms.
“A little under two years ago, Paul Bragiel, Phil Chen, and I started Presence Capital so we could be at the forefront of the platform shift to VR and AR, while helping entrepreneurs who are just as passionate as us about this space,” mentioned Amitt Mahajan, managing accomplice at Presence Capital, in an announcement. “This milestone is a huge reward in our journey that is really just taking off.”
Earlier than Presence, Mahajan was the founder and chief know-how officer of MyMiniLife (which Zynga acquired) and the founder and CEO of Toro (which Google grabbed). Whereas at Zynga, he co-created the vastly standard sport FarmVille and served because the CTO of Zynga Japan. Earlier than his entrepreneurial work, Mahajan was an engineer at Epic Video games on the Unreal Engine and Gears of Warfare. He was additionally founding engineer at Fig, the crowdfunding and fairness funding platform for indie games.
Mahajan mentioned the common funding size is round $200,000. Rival funds embody the Enterprise Reality Fund, which has raised $50 million, and the Increase VC accelerator, which makes numerous smaller investments and likewise places cash into areas comparable to cryptocurrency.
“There are many cases that we’re the first check into a company,” Mahajan mentioned in an electronic mail. “We’ve helped entrepreneurs put together the rest of their seed round by helping set terms and making investor intros.”
As to the VR and AR industries as a complete, Mahajan mentioned, “We see a lot of what’s happening in the space, and because founders are so heads down on their piece of the puzzle, our 10,000-feet view can help provide context for strategic decisions, like which platforms to target or where there may be underserved customers.”
Chen was beforehand on the founding group that created the HTC Vive, the VR headset primarily based on Valve’s SteamVR know-how.
Chen mentioned, “It has been amazing to be a leader within an industry that is so dynamic and has the potential to change the way we do just about everything — from entertainment to games, working, learning, socializing, and more.”
He famous that VR is creating actual productiveness good points in psychological well being, notably in apps associated to ache management, autism therapy, and overcoming phobias.
Earlier than becoming a member of Presence, Bragiel based three startups and began 5 funds throughout 4 continents, together with being an early adviser to firms comparable to Uber and Unity. Collectively, he had invested in seed rounds for greater than 150 firms, which incorporates holdings in billion greenback firms like Unity and Zappos.
“We absolutely love supporting and empowering the many entrepreneurs that are truly pioneers in the industry and helping it become mainstream, and look forward to helping many more,” added Bragiel, in an announcement.
This submit by Dean Takahashi originally appeared on VentureBeat.
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