What is Penrose Studios?
Penrose Studios is a virtual reality content developer dedicated to creating immersive worlds and experiences that push the boundaries of frontier technologies. The company's mission is to empower the pursuit of meaning through storytelling that explores universal themes. Notable works include the critically acclaimed VR films 'Ardens Wake' and 'Allumette', which have garnered industry recognition. Penrose Studios aims to redefine the cinematic experience within virtual reality, targeting both creators and a global audience.
How much funding has Penrose Studios raised?
Penrose Studios has raised a total of $18.6M across 3 funding rounds:
Angel/Seed
$8.5M
Series A
$10M
Debt
$150K
Angel/Seed (2016): $8.5M with participation from TransLink Capital
Series A (2018): $10M led by Korea Telecom, Will.i.am, Co-Made, Marc Benioff, TransLink Capital, Suffolk Equity Partners, Sway Ventures, and 8VC
Debt (2020): $150K supported by PPP
Key Investors in Penrose Studios
Korea Telecom
Korea Telecom is the largest integrated telecom and digital platform service provider based in South Korea, with industry-leading market presence in Broadband, media services, and fixed-line telephony. The company also possesses a well-balanced portfolio of diverse subsidiaries focusing on media/content, financial services, real estate developments, and commerce industries.
TransLink Capital
Translink Capital is a venture capital firm based in Silicon Valley, specializing in connecting technology companies with Asia's leading multinationals. They focus on investments from Seed to Series B, particularly in sectors like Artificial Intelligence, Cyber Security, and Fintech, aiming to facilitate significant partnerships and growth opportunities.
Sway Ventures
Sway Ventures is a venture capital firm that invests in transformative innovations, supporting industry-disrupting founders from inception to exit. The firm focuses on four foundational industries: Finance, Real Estate, Retail, and Supply Chain, typically providing initial funding at the pre-seed or seed stages.
What's next for Penrose Studios?
The recent major strategic investment signals a pivotal growth phase for Penrose Studios, likely enabling the company to scale its content production, expand its technological infrastructure, and further its mission of reinventing the movie experience in virtual reality. This capital infusion is expected to accelerate the development of new immersive narratives and solidify its market presence in the burgeoning VR content sector. The company's focus on universal themes suggests a strategy to appeal to a broad audience, positioning it for sustained expansion and influence within the entertainment technology industry.
See full Penrose Studios company page
