British startup VRJam is seeking $500k of seed funding to continue developing its technology for live ‘XR’ streams of music and other entertainment performances in virtual and augmented reality.
The company, which emerged from stealth mode at the London Music Conference last year, is offering 5% of equity in return for the desired seed funding, which it says will be used to finish its product; create content for some ‘headline’ artists; launch its app and expand its team.
This info is from the company’s investor presentation, which explains how VRJam’s technology is used. “When a content creator performs a show in real life, VRJam enables them to project their performance into a 3D, computer-animated world,” it says. “Fans from across the globe can then enter that world and experience the artist’s performance in new and undreamt of ways.” The company says it’s also using blockchain technology to reward fans for their engagement “by paying them a share of advertising revenue generated by content they consume”.
While VRJam’s app will be available for VR headsets, it’s targeting smartphones as its route to a bigger audience. One to watch.