A Tampa-based virtual production firm's big seed round got heavy participation from investors in Orlando, where the company anticipates expanding this year.
Vu Technologies Corp. raised a $17 million seed round, the company announced March 1. Waterfall Ventures Investments, managed by Orlando Tech Council Chair Charlie Lewis, brought 30 Orlando-area angel investors into the round, contributing $1.7 million. Those investors include former investors in Orlando City Soccer and founders of fintech firm Stax.
It's only fitting that Orlando investors are injecting money into Vu, as the company has interest in Orlando. Vu in December named Orlando one of seven cities where the company planned to add studios before the end of 2022. Meanwhile, Vu announced the $17 million from investors will fuel expansion beyond its three locations in Tampa, Nashville and Las Vegas.
While this seed round puts Vu closer to its anticipated expansion to Orlando, details about its future operations in Orlando are unknown.
Vu's studios feature volumes, fully enclosed spaces where motion capture and real-time compositing take place so that virtual environments for TV and film can be easily produced on camera. The technology, used in the popular Star Wars TV show "The Mandalorian," includes large LED walls used to generate virtual backgrounds as a replacement to traditional green screens.
The studios are used for film, TV and commercial production, Vu co-founder and CEO Tim Moore said in a prepared statement. “With our fully immersive, photorealistic virtual environments, we are empowering world-class directors and talent to shoot scenes as if they are on-location anywhere."
Other investors include Minneapolis, Minnesota-based ADX Labs, Tampa-based Topmark Partners and angel investment syndicates from Tampa, and Texas.
Founded in 2020, Vu's studios have already been used by notable clients including Mercedes-Benz, Jeep, World Wrestling Entertainment and the Tampa Bay Lightning.
This type of production technology currently exists in the Orlando area. For example, Airlot 21 is operated on Sound Stage 21 in the Universal Studios Florida backlot.
Plus, Full Sail University in November announced it will open a $3 million virtual production studio with a 40-foot tall LED wall on its Winter Park campus. The technology is "where the industry is headed," Full Sail Education Director of Visual Arts Rick Ramsey said at the time.
Still, Vu claims it maintains multiple patents that make its virtual production offerings distinct. Vu's circular sounds stages utilize LED panels on the walls and ceilings, along with robotics, game engines and camera-tracking technology, to create realistic backgrounds that save directors time and money.
"Vu is in a league of their own," Lewis told Orlando Inno.
Of course, Vu's growth in the state and region is important because of the production work it'll generate, said David Adelson, executive director of innovation & technology at the Orlando Economic Partnership, in a prepared statement. “Vu Technologies represents the future of filmmaking, and this investment will allow Vu to expand its footprint in the Central Florida area and throughout our region, diversifying our economy and generating a positive fiscal impact.”
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