nDreams Receives $.75m Investment to Pursue VR Game Development

nDreams, the fast-growing UK virtual reality developer and publisher, today announced that it has received the second tranche of a $2.75 million (£1.75m) investment round from Mercia Technologies PLC, the technology-focused investment businesses. These funds will support continued expansion, provide working capital and allow the company to explore publishing and acquisition deals for other VR titles.

nDreams was one of the first game studios in the world to focus on VR software, and has been working on virtual reality since 2013. The company has several VR games and experiences in development including two launch window titles for the Samsung Gear VR Innovator Edition (Gunner and Perfect Beach).

Gunner is an intense space combat experience with accessible controller-free gameplay and is co-published by Oculus. In contrast to Gunner, Perfect Beach is a unique relaxation experience that allows users to unwind on a glorious tropical beach. nDreams also recently announced The Assembly for Project Morpheus on the PlayStation 4 and Oculus Rift. The Assembly is a dramatic two-character VR adventure where players need to make tough moral choices and unravel the mysteries within a top-secret underground bunker.

nDreams is a pioneer in developing content for unique platforms, and was one of the first studios to create content for PlayStation Home, selling 1.8 million virtual items with more than 18 million visits to their free-to-play Aurora space. nDreams currently has five VR projects in development, and has been carrying out R&D in new, unexplored areas of virtual reality. The company recently announced a memorandum of understanding with UK VR entertainment firm, Virtual View Productions, to explore the crossover between filmed and game content in VR.

Patrick O'Luanaigh, Chief Executive of nDreams, said:

We're delighted to be strengthening our relationship with the Mercia team, and their support allows us to continue grow the business more quickly and to finalise our launch titles ready for all major VR headsets. We plan to expand the company significantly and will be actively exploring both publishing and acquisition opportunities in 2015.

Mike Hayes, Head of Digital of Mercia Technologies PLC and non-executive Director of nDreams said:

The additional funds will enable nDreams to exploit the innovative software for VR devices which it has developed over 12 months - it is now well positioned for growth in this exciting and very dynamic market.

nDreams will be holding meetings at GDC and E3 this year, where the company aims to reveal more about their titles and plans for 2015.

About nDreams

nDreams was formed in 2006 by former Codemasters and Eidos Creative Direcor, Patrick O'Luaniagh (Tomb Raider Legend, Hitman Blood Money, Conflict: Desert Storm, Micro Machines V3) and grew to be the leading global publisher on PlayStation Home, Sony's console-based virtual world, with Xi and Aurora. Since 2013 the company has focused its talents exclusively on virtual reality. As well as creating exciting new content for VR, nDreams also owns VRFocus, one of the leading global VR gaming websites, and recently announced a partnership with Virtual View Productions to explore the crossover between VR films and VR video games.

About Mercia Technologies PLC

Mercia creates, funds and develops technology businesses nationally in the UK. It brings technology transfer, company formation, incubation, commercialisation and investment, to technology-backed ventures.

Mercia has a well-seeded portfolio and pipeline of investments. The Group has a direct investment in 11 operating companies and access to a portfolio of 38 businesses through its third party funds, managed by its wholly owned subsidiary Mercia Fund Management.

Mercia's shares started trading on AIM on 18 December 2014.

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