VR social network vTime raises $7.6 million in series A funding round, aims to introduce AR version

Virtual reality (VR) social network vTime has secured $7.6 million in a series A funding round that will be invested in the R&D of a new augmented reality (AR) version of the app coming towards the end of 2018.

In addition, the funding will be utilised to speed up the worldwide growth of vTime as well as in product development.

Martin Kenwright, CEO of UK-based vTime, commented: "vTime offers users the most immersive and intuitive way to engage with others in VR from wherever they are. The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities. Crucially, Deepbridge share our vision for the future - both in delivering a matchless social XR experience and our expansive plans to monetize and build upon the vTime framework with future technologies."

The series A funding round was headed by Deepbridge Capital.

Deepbridge Capital partner Ray Eugeni said: "vTime perfectly represents the innovative and disruptive technologies that we at Deepbridge provide investment for. We are delighted to be working in partnership with the vTime team and are excited by the future opportunities for vTime's market-leading virtual reality and augmented reality technologies."

Meanwhile, a Technavio report projected that the global programmatic advertising spending market is anticipated to reach around $210 billion by 2022. The main driver behind this increase is digital advertising, which has gathered enormous popularity over the last 10 years, due to increased adoption of digital platforms - while the company adds AR and VR are 'buzzwords' in the industry.

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