Press Release – LOS ANGELES (April 25, 2017) – The Venture Reality Fund (The VR Fund) announced that HP Tech Ventures, the new corporate venture arm of HP Inc. (NYSE: HPQ), joined as an investor in the Fund to collaborate on emerging technologies and commercial applications in the areas of augmented, virtual and mixed reality (AR/VR/MR). The VR Fund is one of the most active and experienced venture investors in the sector and its comprehensive portfolio consists of early-stage startups developing infrastructure, tools, platforms, content and apps for the mixed reality ecosystem.
The VR Fund will provide HP with early access to leading AR/VR/MR technologies with commercial applications in HP’s target markets including office, retail, healthcare, manufacturing and education. The VR Fund’s investment portfolio will in turn benefit from HP’s product portfolio, global footprint and proven go-to-market strategies.
“HP has a rich history of delivering innovative technology and was an early believer in the vast potential for mixed reality to transform consumer and commercial markets,” said Marco DeMiroz, co-founder and general partner of The VR Fund. “We are excited to have HP Tech Ventures as a key investor in our fund and look forward to working closely with their team to introduce new applications for corporate innovation and productivity while enhancing the customer experience and product development.”
Companies and financial institution alike are starting to invest heavily in mixed reality technologies; venture capital investments in VR and AR reached $1.8 billion in 2016 and Goldman Sachs estimates the market will reach $80 billion by 2025. The VR Fund is part of HP’s growing network of partners developing next-generation mixed reality applications, content distribution platforms, gaming platforms, head-mounted displays, mobile solutions and services.
“AR/VR is one of the most transformative categories in today’s technology landscape, and The VR Fund is one of the leading players in this ecosystem,” said Andrew Bolwell, Global Head of HP Tech Ventures. “We are excited to be an investor and look forward to working closely with The VR Fund to bring amazing new immersive experiences to market.”