VR firm Penrose Studios raises US$10m, gets backing from Will.i.am

Virtual reality entertainment company Penrose Studios has raised US$10 million in Series A funding, which included investment from musician and entrepreneur Will.i.am and SalesForce founder and CEO Marc Beniof.

TransLink Capital led the round and participation also came from Korea Telecom, design studio Co-Made and returning investors Sway Ventures, 8VC, and Suffolk Equity.

Penrose said it will use the funding to continue to grow, innovate and develop VR and AR movies and experiences.

“VR continues to be a breakthrough form of entertainment for all ages,” said Penrose Studios founder and CEO, Eugene YK Chung.

“As we participate in taking this new form of storytelling to the next level, we’re proud to work with a great group of partners and investors to help us get there and continue to stand out and keep our momentum within the industry.”

Penrose first raised seed funding in March 2016 and since then has launched VR series Arden’s Wake, two instalments of which – The Prologue and Tide’s Fall – premiered at the Tribeca Film Festival in 2017 and 2018 respectively.