US virtual reality company LiveLike has unveiled a $9.6m (€7.85m) Series B funding round as it seeks to further develop a platform targeted at the sports market which combines VR and social media interactivity.
The new round features US venture capital firm Greycroft Partners and merchant bank Lepe Partners. It comes after an earlier LiveLike funding round announced in September 2016 which raised $5m in investment from partners including David Stern, former commissioner of North American basketball league the NBA, and a group of venture capital firms led by Evolution Media Partners, a joint effort of entertainment and sports agency CAA and investment firm TPG, as well as Elysian Park Ventures, Courtside Ventures, Dentsu Ventures and Techstars Ventures.
The New York-based company has built a live-streaming platform that uses VR, as well as augmented reality and mixed reality, to produce an interactive, 360-degree ‘virtual suite’ overlooking a sporting event. This allows users to connect with friends or fellow fans via social media platform Facebook to watch the game.
LiveLike has already worked with partners including US broadcaster Fox Sports and the French Tennis Federation, producing 76 events last year. These included Fox Sports’ broadcast of NFL American football league the NFL’s 2017 Super Bowl, football’s Uefa Champions League final, college basketball’s Big East Tournament and the French Open tennis grand slam.
The Variety website said LiveLike will use the new investment to expand partnerships and further enhance its product and platform. It will also seek new advertising opportunities that enable sponsors to connect with sports fans in groundbreaking ways.
“Thanks to our investors, we are now in a position to hire for key positions and continue delivering a premier next-generation sports (over-the-top) platform,” Andre Lorenceau, founder and chief executive of LiveLike, said.