Penrose Studios has successfully closed a $10 million Series A funding to continue the growth of their VR storytelling. The round of funding was led by TransLink Capital in addition to new investor partners such as SalesForce founder and CEO Marc Benioff, Grammy-award winning artist and VR creator will.i.am, Korea Telecom and Co-Made. Returning investors include Sway Ventures, 8VC, and Suffolk Equity.
Penrose Studios has actively been working on some unique VR experiences and series such as Arden’s Wake which has been captivating the minds of many. Arden’s Wake: The Prologue premiered at Tribeca Film Festival in 2017 and received the top Lion award from Venice Film Festival for Best VR.
“In what is still an early form of storytelling and entertainment, the Penrose team has cracked the formula to create VR stories and experiences everyone can enjoy,” said Jay Eum, co-founder and managing director at TransLink Capital. “The company’s unique technology paired with the beauty of its work speak for themselves. We’re proud to work with the team and Penrose leadership to bring more VR entertainment to audiences around the world, especially in Asia.”
“VR continues to be a breakthrough form of entertainment for all ages,” said Eugene YK Chung, Penrose Studios founder and CEO. “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.”
With the new capital, Penrose Studios will continue to develop VR and AR movies and experiences that expand the bounds of the technology. They will continue the immersive storytelling for VR headset owners around the world.