RedCliffe Capital, a VC firm based out of London as well as Gurgaon, has led a $500,000 seed funding round in San Francisco-based VR game startup – Xanadu Heights Inc. This was first reported by YourStory.
Along with RedCliffe Capital, a couple of family funds based out of the US have also participated in this seed round. As per the report, the deal was done last month.
Commenting on this investment, Dheeraj Jain, Managing Partner at RedCliffe Capital, said:
Immersive gaming is projected to be at a massive 48 percent of a $4.8B VR software market by 2018E. 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.
The funding raised by the company in this fresh round will be deployed towards building and launching the game’s first chapter later this year. The game, which will be initially available on Samsung Gear VR and HTC Vive, is being developed ground up for Virtual Reality.
Preetam Mukherjee, Founder and Principal Producer of the game franchise, added:
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.
The company claims to conceptualize the first part of the game series as three progressively complex chapters, to be released as paid downloadable content (DLC). Early bird access to the first part of the game will begin to roll out later this winter. The initial cost for the first chapter is estimated to be $19.99.
Xanadu Heights has been developing the game since late 2015 and is also focusing on building original intellectual property for the virtual reality gaming space.