Tampa-based startup Vū Technologies, known for its advanced virtual production soundstages, has closed on a $17 million seed investment round.
The $17 million funding round includes the $10 million investment from Minneapolis-based ADX Labs, which the firm announced several months ago, Tampa-based Topmark Partners, and Angel investment syndicates from Tampa, Orlando and Texas. The investment will fuel the expansion of its existing Tampa-Nashville-Vegas virtual studio network, according to Vū Technologies’ news release.
“Vū Technologies is on a mission to create the world’s largest network of virtual production studios for the film, television, and advertising industries,” CEO and co-founder Tim Moore said in a release. “With our fully immersive, photorealistic virtual environments, we are empowering world-class directors and talent to shoot scenes as if they are on-location anywhere. Thanks to our investors, Vū’s network will forever change the filmmaking landscape, presenting limitless opportunities for creatives.”
Vū Technologies uses LED, robotics and camera tracking technology that allows filmmakers to shoot photo-realistic virtual environments in the studio instead of traveling on location, saving both cost and time.
“Vū Studios is leading the virtual production revolution,” Steve Lux, managing partner at Topmark Partners, said in a release. “As corporations, ad agencies, and other content creators realize the advantages of virtual production; we are excited to partner with Vū to support their continued growth as they expand their virtual studio network across the country.”
“This investment will position Florida as a competitive leader in extended reality and mixed reality production offerings,” Charlie Lewis, managing partner of Waterfall Ventures Investments, said in a release. Waterfall Ventures Investments worked to bring 30 Orlando-based investors to participate in this investment for $1.7 million. “This is a massive win for Waterfall Ventures Angels and the Central Florida tech community. We are excited about both the innovation and financial impact it will bring to our State and region.”
By the end of the year, the company plans to add campuses in New York, Los Angeles, Chicago, Atlanta, Orlando, Stanford and Toledo.
Vū Technologies’ works with large industry clients including Mercedes, Apple, Neiman Marcus and World Wrestling Entertainment Inc. (WWE), according to the firm.