Venture capital firm RedCliffe Capital has invested an undisclosed amount in a Seed round in Xanadu Heights (XH), a VR game studio based out of San Francisco. The terms of the investment remain undisclosed.
The round was closed earlier in October 2016. The startup will use the newly raised capital to build and launch the game’s first chapter later this year. According to a company statement, the game is being developed ground up for virtual reality (VR), and will be initially available on HTC Vive headsets.
Talking about the investment, Dheeraj Jain, Managing Partner at RedCliffe Capital said, “Immersive gaming is projected to be at a massive 48% of a $4.8 Bn VR software market by 2018.” He further added: “Our firm is excited about virtual reality, and has been keen to make an investment in the VR gaming space. The XH team has captured our attention with their vision to publish a ground-up VR racing title, and we are delighted to be backing them in this venture.”
He further added: “Our firm is excited about virtual reality, and has been keen to make an investment in the VR gaming space. The XH team has captured our attention with their vision to publish a ground-up VR racing title, and we are delighted to be backing them in this venture.”
Xanadu Heights is a virtual reality game franchise, based out of the Upload VR Collective space in San Francisco, California. The company is focussed on building original intellectual property for the virtual reality gaming space.
Preetam Mukherjee, founder and principal producer of the game franchise said, “Xanadu Heights is a game that tackles a tough niche in VR: racing. High-speed motion is a particularly challenging experience to build for, and we are excited to have the backing to be able to do so.”
According to the company statement, the team has conceptualised the first part of the game series as three progressively complex chapters, to be released as paid downloadable content (DLC). The initial MSRP for the first chapter is estimated to be $19.99, available on Steam Early Access and HTC Viveport later in the year.
Investor RedCliffe Capital is a venture capital investment firm. The teams in London and Delhi have extensive experience of investing from their own book and fundraising in mid-cap to large businesses across multiple sectors globally.
Earlier this year in August 2016, 8TV, another San Francisco-based startup, raised $500K (INR 3.34 Cr) in an investment from RedCliffe Capital Managing Partner Dheeraj Jain, Google executive Tidhar Carmeli, and AngelPad’s Thomas Korte.