NextVR Inc., a U.S. virtual reality start-up providing platforms for on-demand live VR broadcast, has completed a USD 80 million series B round of financing co-led by Chinese Internet firm NetEase and CITIC GuoAn Group, according to a company announcement.

Previous media reports revealed that CITIC GuoAn Group agreed to invest US$20 million in NextVR last month, taking an interest of around 2.27%, as part of the company’s series B round. CMC Holdings was also reported to have taken a minority stake. This is the first time the company formally announced the funding round.

“The strategic investment in NextVR shows our expectation and firm determination to lead the development trend of VR technology. We believe in real-time VR experience and we’re very confident about NextVR’s capacity in this field.” William Ding, CEO of NetEase, says in a statement.

The proceeds will be used to build VR platforms of NextVR and broadcast quality contents on sports and music to satisfy the largest target audience in the world, according to Brad Allen, executive chairman of NextVR.

CITIC GuoAn’s investment will provide its Beijing Guoan Football Club unit greater opportunity to participate in live VR broadcast. The company says it believes that live VR broadcast is likely to become the most popular VR experiences for consumers, compared with other types of VR applications.

Founded in 2009, NextVR provides VR contents on various fields, including sports event, American president election debate and rock concert. The company clams to own 26 VR patented technologies from shooting, compressing, transmitting to content display.

In November 2015, NextVR received $30.5 million in Series A funding led by Formation 8 and participated by Comcast Ventures, Time Warner and other investors.

NextVR has partnered with the NBA, NFL, Fox and Live Nation to provide live VR broadcast.

First seen at and source: China Money Network