Walt Disney Co. is the lead investor in a $65 million series C round of funding in Jaunt, a Silicon Valley startup developing virtual reality technology.
Jaunt produces virtual reality content for distribution on mobile devices, working with brands such as apparel maker North Face, mass media company Conde Nast and ABC News, a Disney-owned operation.
The Burbank entertainment and media company was joined in the funding round by Evolution Media Partners in Los Angeles, China Media Capital in Shanghai, Madison Square Garden Co. in New York, ProSiebenSat.1 SE in Munich and Axel Springer SE in Berlin. Jaunt will use the funding to ramp up virtual reality film production, continue development of camera hardware and software and add staff to its Palo Alto headquarters and new studio in Los Angeles.
In total, Jaunt has received $100 million in funding.
Jaunt Chief Executive and co-founder Jens Christensen said the funding round further illustrates the company’s commitment to advancing cinematic virtual reality for filmmakers and audiences.
“With the support of these world-class companies, we will explore new avenues, building on our leadership position to deliver amazing experiences using best-in-class tools, technology and creative teams,” Christensen said in a prepared statement.
Disney shares closed up 57 cents, or a fraction of a percent, to $103.41 on the New York Stock Exchange.