Virtual reality developer and publisher, nDreams, has announced a further £2.7 million investment into the company today. Part of that comes from private investors and the major chunk of the investment is from Mercia Technologies who have provided an extra £2 million in a follow-on agreement.
nDreams have been expanding further in the VR market both as a developer and publisher with five titles in development and a deal to provide content to a VR arcade company. The deal will see Paul Fitzsimons and Rob Precious join the board as the new chairman and non-executive director, respectively.
“Mercia’s continued support, and the backing of private investors, bolsters our relentless ambition to remain at the forefront of VR," said nDreams CEO, Patrick O’Luanaigh. "The company has expanded rapidly over the past 12 months leading to outstanding opportunities, including our move into VR Arcades and our continued focus on creating innovative VR content for home headsets. We’re also delighted to welcome Paul and Rob to the board, who bring a wealth of experience and insight to the team.”
"nDreams continues to thrive within the VR market, a sector expected to be worth in excess of $30 billion by 2020, added Mercia Technologies investment director, Mike Hayes. "Its growing reputation as one of the UK’s leading developers and publishers of VR content demonstrates the significant progress that the company has made this year with many of the major hardware brands in this rapidly growing market. We are delighted to continue to back this industry-leading team.”
Fitzsimons was previously with private equity firm Apex Partners, while Precious was director of business development for mobile technology company ARM. nDreams are also looking a chief financial officer and a chief operating officer.