NetEase, SoftBank, Time Warner, Madison Square Garden, Dick Clark Productions, Citic Guoan, Founder Group and Comcast have all exited the VR viewing platform at a reduced valuation.

Consumer electronics producer Apple has confirmed its acquisition of US-based virtual reality streaming service NextVR in deal that enabled multiple corporate investors to exit, Bloomberg has reported.

NextVR wound up its online presence last week, telling customers it is “heading in a new direction.” A price was not disclosed although earlier reports suggested Apple would pay about $100m for the company.

Founded in 2009, NextVR has built an online platform that enables users to view live sport and music broadcasts from partners including television network Fox Sports, the National Basketball Association and International Champions Cup in virtual reality.

The company has also developed algorithms for the upscaling of resolution of content beyond that at which it was filmed, a technique thought to be of particular interest to Apple. It had raised a total of more than $110m, as of an $80m series B round in 2016 that valued it at $800m pre-money.

The series B round included internet company NetEase, telecommunications group SoftBank, IT services provider Citic Guoan Information Industry, live event promotors Madison Square Garden and Dick Clark Productions.

Founder H Fund, an investment arm of diversified technology conglomerate Founder Group, also took part, as did Time Warner Investments and Comcast Ventures on behalf of media and entertainment provider Time Warner and mass media group Comcast respectively.

The series B round was filled out by Formation Group, RSE Ventures, CMC Holdings, VMS Investments Group, China Assets, Spectrum 28 and private investor Peter Gruber.

NextVR had already received $30.5m in a series A round featuring Time Warner Investments, Comcast Ventures, Madison Square Garden, Dick Clark Productions, Formation Group, RSE Ventures and Peter Gruber the year before.