Dubai-based virtual reality startup 360VUZ has raised an undisclosed amount in a venture capital funding round led by Dubai Silicon Oasis Authority, a statement said.
Several angel investors, including media personnel and businesspeople, also participated in the funding round. The capital will be used to accelerate growth, build the team, invest in marketing and technology, and enhance the user experience, the startup said.
360VUZ’s primary offering is a virtual reality 360 video app featuring exclusive content of events, experiences, behind the scenes and destinations. It has partnerships with Dubizzle, Flash Entertainment, Dubai government, Apple, Samsung, and Zain.
Its mobile app has attracted over 350,000 users in less than eight months since launch.
The 360VUZ team and the investors believe that virtual reality is the next computing and media platform, said Khaled Zaatarah, founder of 360VUZ.
DSO has been active in making investments recently.
In January, Dubai Silicon Oasis Authority in a Series A funding round worth $2 million in Middle East-based event marketing firm STEP Group.
The round was led by Wamda Capital. The investors who participated in the round also included Equitrust and international VC firm North Base Media.
The UAE’s State of the Future report has predicted that augmented reality (AR) and virtual reality (VR) sector will a whopping $150 billion market by 2020 while the use of artificial intelligence (AI) in daily life will lead to machines committing a “majority of crimes by the year 2040”.