AmazeVR Announces New Partnership with LG and Secures Funding from Strategic Investors to Drive Future of VR

Bootstrapped by tech veterans with IPO experience, company adds $7
million to accelerate VR content creation, distribution, and monetization

SUNNYVALE, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AmazeVR?src=hash” target=”_blank”gt;#AmazeVRlt;/agt;–AmazeVR, a premium, cloud-based platform for high-quality VR content
creation and mass distribution, today announced that it has raised an
additional $7 million in funding to accelerate the development of
proprietary VR content, created and distributed through the Amaze
platform and its partners. The round was led by Mirae Asset Group (Mirae
Asset Naver New Growth Fund & Mirae Asset Venture Investment), the
leading independent financial services group in Asia, with participation
from several strategic investors, including technology leader LG
Technology Ventures, Timewise Investment, and Smilegate Investment, a
subsidiary of Smilegate, which is building out a VR gaming /
location-based entertainment business.

Additionally, AmazeVR announced a partnership with LG U+ to co-produce
“must see content” in VR. LG U+ will also host AmazeVR content on its
service as well as leverage AmazeVR’s proprietary content generation
tools to make its own VR content production easier, as LG U+ works to
release 1,500 VR experiences this year. The partnership comes as LG U+
is currently one of the leaders in the global telecom race to 5G. The
company has asserted that cloud-based VR will become the next killer
application and use case for 5G. LG Technology Ventures invested in
AmazeVR as part of its strategy to further VR and next-generation
displays.

“We believe cloud-based VR is the future, and AmazeVR has developed
elegant technology that enables users to create and share interactive
content very easily,” said Dong-Su Kim, CEO of LG Technology Ventures.
“We are incredibly excited about how the AmazeVR platform will enable
innovative, quality content to be generated at unprecedented scale and
speed.”

Built for the Future

AmazeVR removes the key barriers to entry for mass VR adoption. It
conquers one of the biggest hurdles — compelling content– by producing
only high-quality 3D, 180-degree videos, using custom cameras built
in-house. This commitment to a quality experience has been core to
AmazeVR’s approach since it launched in April 2017. It became the #1
Free App in the Samsung Gear VR Oculus Store less than five months
later, and AmazeVR has maintained its leadership position ever since,
expanding across all major VR stores. AmazeVR was able to differentiate
itself by developing premium content that is part of an expansive
library which includes 20 interactive projects.

The company also recognized that in order to move the industry forward,
all content shouldn’t be limited to what it could develop in-house.
AmazeVR’s technology is ideally suited to for outside content creators
that need easy-to-use tools to build their own branching narrative
content in VR. AmazeVR’s proprietary content tools allow creators to
rapidly produce interactive VR content without needing an entire team of
engineers. And compared to commercial client stitching software, which
can take hours to process a minute of high quality content, AmazeVR’s
cloud service takes less than five minutes.

In addition to overcoming the content hurdle, AmazeVR offers a path for
content creators to monetize their content, which has always been a
struggle. AmazeVR now offers on-demand and Premium Pass models, through
which users can purchase a single piece of premium content or a
period-based subscription that gives users access to all premium
content. Creators profit based on purchases of both Premium Passes and
TVOD.

“AmazeVR sits at the forefront of VR innovation, successfully bucking
conventional wisdom. We see no reason that VR content shouldn’t be
compelling enough to support a Netflix model. To get there, we must
devise mechanisms to inspire, assist, and reward content creators,” said
Steve Lee, CEO of AmazeVR. “Our approach, commitment to quality,
industry-leading technology, and strategic investors provide a path
forward to make VR/AR the next great frontier for entertainment and
personal displays.”

Developed by Visionaries

AmazeVR was developed by a seasoned team of Korean technology veterans
who have worked together for more than seven years across six startups.
Most recently, the AmazeVR team served as early executives of Kakao,
developing product and executing on the vision for what has become an
$8.7 billion market cap mobile platform company and one of the most
successful businesses in Korea. Former Kakao co-founder and co-CEO, JB
Lee (AmazeVR CPO), head of strategy, Steve Lee (AmazeVR CEO), senior
software engineer, Jeremy Nam (AmazeVR CTO), and head of KakaoTalk
messaging team, Steven Koo (AmazeVR head of engineering) went on to
bootstrap AmazeVR in order to uninhibitedly focus on building the
AmazeVR platform.

“We saw early on that smartphones would replace mobile phones, and one
of the key contexts that would evolve would be communication, which we
took advantage of at Kakao,” added Steve Lee. “We see a similar consumer
paradigm shift on the horizon with VR/AR, and we are determined to lead
the charge with a truly global platform designed to usher in this
change.”

To learn more, please visit www.amaze.us
and watch our 2019 Sizzle Reel here.

About AmazeVR

Founded by a team of seasoned technology leaders, AmazeVR offers an
end-to-end VR content service. The company shares its platform and
technology with passionate creators and various partners.

With custom equipment/tools, proprietary software, and a hands-on team,
Amaze develops, curates, and produces VR content for those who want to
be a part of the next wave of content creation. AmazeVR content is
distributed through all major VR stores. The company is backed by Mirae
Asset Group, LG Technology Ventures, Timewise Investment, and Smilegate
Investment. It is based in Sunnyvale, California, with additional
offices in West Hollywood. Learn more at www.amaze.us.

About Mirae Asset Financial Group

Mirae Asset Financial Group is a leading independent financial services
group in Asia, the largest investment bank and the largest asset manager
in South Korea, headquartered in Seoul, South Korea. On a global
consolidated basis, total group’s client assets exceed US$375 billion
(as of 31 Dec 2018). Mirae Asset has a presence in Australia, Brazil,
Canada, China, Colombia, Hong Kong, India, Indonesia, Korea, Mongolia,
Singapore, the U.K., the United States, and Vietnam.

About LG Technology Ventures

LG Technology Ventures was established in 2018 and is the venture
capital investment arm of the LG Group of South Korea. The LG Technology
Ventures team consists of experienced investors, entrepreneurs,
technologists, and industry domain experts. Currently, LG Technology
Ventures is managing over $400 million of fund assets and invests in
early-stage information technology, automotive, manufacturing,
life-sciences, energy, and advanced materials companies. We strive to
create value to our portfolio companies by helping them develop
strategic partnerships with various LG Companies. For more information,
visit www.lgtechventures.com.

Contacts

Amber Moore, Moore Communications for AmazeVR
amber@moorecom2.com

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