STYLY: New Nreal App Receives $8.5 Million Investment
Japan-based Psychic VR Lab has secured an $8.5 million investment to grow its Browser and cloud-based XR development platform, STYLY.
STYLY is a content platform that makes it easier for artists and creatives to publish, share and experience XR experiences. The platform was recently released for Nreal Light mixed reality glasses. The Augmented Reality glasses could enable STYLY to reach a wider audience and investors agree, pumping millions of dollars onto the platform.
The browser-based tool enables creators to easily build cross-platform 3D spaces that are viewable on the browser or using VR and AR devices. Psychic VR Lab says that it wants to promote the creation of XR spaces that involve art, fashion and culture. It also hosts a large gallery of spaces that have been created by its STYLY tool. Artists and creatives create virtual spaces and load them onto the STYLY platform. Once every year, the best creations will be awarded prizes.
Psychic VR Lab announced last week that it had raised $8.5 million in venture funding from various investors including KDDI Open Innovation Fund, DK Gate, DG Daiwa Ventures and DG Ventures among others. With the latest round of fundraising, the company has so far raised $18 million in total.
Psychic Lab VR also revealed that the new funding will be used to strengthen the company’s organizational structure and accelerate the use of its STYLY platform in “converting various spaces to XR media.” Consequently, the company will be working with Nreal on an XR music exhibition dubbed AGARTHA to be hosted at the MWC Shanghai this year. The company is also hoping that its platform will attract greater development as well as usage in the Western markets.