Aliso Viejo, CA—360fly, Inc., maker of single-lens cameras that capture stitchless 360º video, closed on a $40 million Series C financing round. The company welcomes its newest investor Hydra Ventures, the corporate venturing arm of the adidas Group.
This latest round of funding will significantly bolster 360fly’s efforts to expand the worldwide sales footprint for its suite of 360º camera offerings. It will also support marketing efforts for its new 4K camera, which will be available at retail later this month. Additionally, it will continue its emphasis in R&D and the continued development of its software and hardware road map.
“Our investment partners recognize the tremendous opportunity within the VR space as we drive further toward a level of widespread consumer adoption,” said Peter Adderton, 360fly’s CEO. “We have no intention of slowing down or resting on our laurels, and closing this latest round of funding is critical to not only maintaining, but increasing the momentum we’ve established.”
Consumer demand for virtual reality and immersive video products and support has grown thanks to a string of announcements by major media companies such as Facebook and YouTube, VR purveyors such as Oculus Rift, and consumer-friendly 360º VR cameras. The overall category can be broken down into two distinct areas: professional-grade VR and consumer-level 360º video.
Specializing in consumer-level 360º video, 360fly intends to bring immersive video and mobile VR to the masses with its affordable camera offerings and its mobile app. 360fly enables users to shoot, edit and share 360º video to popular social platforms. Additionally, the company offers mobile live streaming through a partnership with Livit. Users can live stream their 360fly content with the free iOS or Android Livit Now app, a smartphone and a 4G signal.
The 360fly HD camera is available for $399; its new 360º 4K camera will be available at retail stores and online later this month for $499. 360fly.com