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MGM Just Invested in This Virtual Reality Game Developer

December 13, 2016

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The Metro-Goldwyn-Mayer logo is seen outside their film studio offices in Santa Monica, California.Photograph by Damian Dovarganes — AP

Virtual reality game developer Survios said it raised $50 million in two financing rounds, including an investment from Hollywood film studio Metro-Goldwyn-Mayer.

Los Angeles-based Survios, which produced popular first-person shooter game Raw Data, said it would use the capital to grow its publishing and development platform and add more third-party titles to its slate.

The emerging virtual reality industry has seen a number of tech companies, such as Sony (SNE), Samsung Electronics (SSNLF), and Alphabet‘s Google (GOOGL), invest in developing hardware and headsets but still lacks engaging content for users.

Metro-Goldwyn-Mayer (MGM) Chief Executive Gary Barber will join Survios’ board, the company said.

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MGM, founded in 1924, is known for its roaring lion logo and has produced, released and controlled many of Hollywood’s best-known films, such as Ben-Hur, The Pink Panther, and Rocky film series.

The San Francisco-based firm said that a prior financing round was led by Lux Capital.