Envelop VR, an enterprise software company that is leading businesses and consumers to virtual reality, announced its Series A funding round of $4 million, led by Madrona Venture Group.
Envelop VR is creating enterprise and productivity software that allows businesses and consumers to create, work and play in a virtual reality environment. The series A funding comes at an important time as the company prepares to release its product into the hands of select virtual reality developers this Winter; before virtual reality headsets hit the mainstream market next year. The company will use the funding to build out the engineering and business teams behind Envelop’s software.
The announcement took place today at the 2nd annual SEA-VR 2015, a conference and expo showcasing virtual reality companies and projects in the Pacific Northwest. Envelop VR launched the conference last year and played a leading role in doubling the size of the conference in 2015. The announcement of the funding came right before Madrona Venture Group took the stage as one of the VC judges for the event’s Shark Tank.
Madrona has been bold about its plans to help early-stage start-ups in this industry. In June, they announced a new $300 million fund that would be targeted at information technology startups and called out virtual reality as a growing area of interest for the firm. Envelop VR marks the first virtual reality software company that the firm has invested in.
“The team at Envelop has an incredible understanding of how virtual reality will dramatically increase productivity and improve efficiencies within a number of critical industries,” said Matt McIlwain, managing director at Madrona. “The software they are developing will reinvent the way in which we will use computers and smart headsets in the future, and for the better.”
“We’re incredibly honored that Madrona has chosen our company to be the first virtual reality software company to invest in,” said Bob Berry, Envelop VR CEO and co-founder. “Matt and the Madrona team share our same incredible passion about this transformative technology and its vast potential. These immersive technologies offers an entirely new way to interact with computers, data and humans. We expect to see the same explosive growth as we did with the mobile phone industry.”