Unity CEO John Riccitiello has announced that private equity firm Silver Lake will be investing $400 million into their company, according to Bloomberg. This would value the company at $2.6 billion if the deal does go through, but it must first be approved by regulators. While Unity doesn’t necessarily need the capital it allows employees and some early shareholders to cash out.
“A big chunk of it is secondary and that’s because it makes sense to let employees buy cars,” said Riccitiello. “In terms of primary capital we don’t ultimately need all that primary capital—the capital is safety when we’re investing to grow as fast as we are.”
The Unity Engine is currently one of leading platforms for developers in creating VR and AR content. They provide a powerful toolset where content creators have the ability to create amazing stories within the game engine. Niantic Inc.’s Pokemon Go was actually created using this powerful tool. And according to Riccitiello most of the VR and AR industry is using Unity to build their immersive content.
“The second act that I think attracts a lot of investors and investor interest is the fact that we have about 70 percent of AR and VR content built on Unity,” Riccitiello said. “We’ve got a first wave that is going really really well and we have a second one that is dominant.”
Just a few weeks ago Unity held their annual Vision Summit where they showcased some of the amazing tools that’ll be released for developers. Unity is also looking to tackle the immersive filming industry by providing solutions that helps videographers with 360 videos.