Adidas and Qualcomm's corporate venturing units both contributed to a series C round that will fund sales and marketing for 360fly's immersive 360-degree video cameras.
US-based 360-degree camera developer 360fly closed a $40m series C round yesterday backed by apparel producer Adidas and semiconductor technology provider Qualcomm.
The corporates, which participated through their respective corporate venturing subsidiaries, Hydra Ventures and Qualcomm Ventures, invested alongside private equity firm L Catterton, which led the round.
360fly has developed a single-lens camera capable of capturing stitchless 360-degree video, as well as an app that enables immersive video footage shot on the camera to be edited and shared on social media. The technology was originally developed in a Carnegie Mellon University robotics lab.
The funding will be used to grow the company’s international sales capabilities and market its new 4k camera, which 360fly plans to begin selling later this month. Additional funds will support research and development, with machine learning technology a particular focus.
Peter Adderton, chief executive of 360fly, said: “Our investment partners recognise the tremendous opportunity within the VR space as we drive further toward a level of widespread consumer adoption.
“We have no intention of slowing down or resting on our laurels, and closing this latest round of funding is critical to not only maintaining, but increasing the momentum we have established.”
The series C round boosted 360fly’s total funding to approximately $60m and follows a $17.8m series B round in 2014 that was also led by Catterton. The series B round also featured Qualcomm Ventures, and electronics manufacturer Voxx International, which invested $3m.
– This article first appeared on our sister site Global Corporate Venturing.
