Envelop VR, which is creating virtual reality software for enterprises, has closed its Series A round of $5.5 million. The newest investor in this round is Google Ventures, which recently branded as GV. Envelop VR previously announced the initial investors in the round, which was led by Madrona Venture Group. The deal shows that VR — expected to become a $30 billion market by 2020, according to tech advisor Digi-Capital — continues to be a hot market for investors.
Envelop VR is creating productivity software that allows enterprises and consumers alike to create, work, and play in a virtual reality environment. The company previously raised $2 million, bringing its total raised to $7.5 million.
The Seattle-based company is continuing to work on its software, the Envelop Virtual Environment (EVE) and plans to make that software publicly available when virtual reality headsets like the Oculus Rift (targeted for March 28) and HTC Vive come to mass market later this year.
Envelop VR believes that VR is a great way to become more productive, since you can see many more screens at the same time and can otherwise immerse yourself in what you are doing.
“Immersive computing isn’t just a consumer phenomenon; business and productivity applications will greatly benefit as well,” said GV general partner Joe Kraus, in a statement. “The Envelop Virtual Environment is about making it easy for businesses to bring their applications into VR.” Google recently announced its own VR division.
“We feel very fortunate to have Joe and GV with us as an investment partner, said Bob Berry, Envelop CEO and cofounder, in a statement. “Along with the team at Madrona Venture Group and our other angel investors, we are now well positioned to bring our software to market in the coming months. 2016 is sure to be an exciting year for the immersive tech industry, and we are thrilled to be a part of it.”
Envelop VR was founded in 2014. Berry studied virtual reality in Japan in the late 1990s, and has waited a long time for the market to come to fruition.