Funding will help expand more location-based VR venues, with more to come in Japan and U.S.
Irvine, California-based VR company Tyffon, primarily focused with location-based and free-roam VR venues, has successfully completed Series A funding to the tune of $7.8 million.
Investors included the likes of Disney, which operates an incubator accelerator that Tyffon was born out of, as well as SEGA and others, with the funding round led by the Japanese broadcaster, the Tokyo Broadcast System (TBS).
Tyffon CEO Ken Fukazawa said on the news: “We are gratified at the tremendous pedigree of our investors who have placed their faith and trust in us. They represent some of the leading media, entertainment and technology innovators and creative forces in the world.”
Fukazawa added: "We at Tyffon are committed to honouring that creative legacy and creating and sharing the highest quality and most innovative immersive experiences in the world."
The funding will help accelerate expansion plans by the company worldwide, with plans also currently on the books to open a new location-based venue in Tokyo alongside its two existing buildings that the company refers to as "Tyffonium" venues
In addition, Tyffon, which has an emphasis on free-roam VR attractions such as horror and fantasy, is set to open its first Tyffonium venue based in the US later this year, specifically in Los Angeles.
A recently-released report by analyst firm Technavio reckons its continuing popularity will see it achieve a compound annual growth rate (CAGR) of 36% over the next four years, between 2019 and 2023, with another reason for growth being the mainstream adoption rate of VR tech like Oculus-made headsets and PlayStation VR.
Although there are location-based VR experiences out there, Tyffon is the market leader when it comes to this segment of the virtual reality market. And chances are there’s a boom coming to it too. It seems the near-$8 million investment Tyffon received couldn’t have come at a better time.
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