MGM Backs New VR Start-Up Survios

LOS ANGELES: The virtual-reality firm Survios has secured an additional $50 million in funding, with Metro-Goldwyn-Mayer (MGM) as a lead investor.

MGM’s chairman and CEO, Gary Barber, is also joining Survios’ board. A prior financing round was led by Lux Capital with participation from Shasta Ventures, Danhua Capital, Shanda Holdings, Felicis Ventures and Dentsu Ventures. Survios is planning to use the capital to continue growing its publishing and development platform, to add third-party titles to its slate and to expand distribution into international arenas.

Survios’ breakout title, Raw Data, was the first VR game to top the global Steam Charts and break the $1 million mark in one month.

“We are thrilled to be in business with Survios, a true pioneer in the virtual reality space,” said Barber. “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.”

Nathan Burba, co-founder and CEO of Survios, commented, “I’m humbled to have Gary join our board and to bring on such a storied partner as MGM. This puts us in a position to achieve our goal of becoming the leading publisher and content creator in Virtual Reality.”

Chief Business Officer Seth Gerson added, “We’re excited to use this capital to bring the highest quality content to entertainment centers around the world.”

“Survios delivers rich experiences by bringing the impossible into reality. Lux is proud to be partnered with this deeply technical and artistic team,” said Shahin Farshchi, Lux Capital partner and Survios board member.