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HTC invests $5 million in VR studio from Pixar and Lucasfilm veterans

  • Posted byby Mike Minotti
  • Updated
  • 1 min

HTC sees a VR developer that it likes.

Steel Wool Studios, a virtual reality studio made up of veterans from Pixar, LucasFilm, and Telltale Games, announced today that it has received $5 million in Series A funding from HTC. Steel Wool will use the funds to support its game, simulation, and narrative VR experiences. HTC is the company behind the Vive, one of most prominent VR headsets. Market watchers are predicting that VR could generate $40 billion in revenues by 2020, but the sector can only grow if consumers have access to quality games, films, and other experiences.

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Written by

Mike Minotti

Mike Minotti has been with GamesBeat since 2012, starting as an intern. Based near Youngstown, Ohio, he now manages GamesBeat's editorial team. He's also a prolific podcaster, appearing on multiple shows covering the gaming industry.