Oculus Rift secures $16 million in funding, to be used to “accelerate” development

The company behind the Oculus Rift, Oculus VR has announced that it has secured $16 million in venture capital funding, co-led by Spark Capital and Matrix Partners, with additional money from firms Founders Fund and Formation 8.

The company has said that the funds will be used to “accelerate” the development of the Oculus Rift hardware, software and services. Inventor Palmer Luckey had the following to say:

“Oculus began with a single mission: to put players inside the game. This investment allows us to deliver immersive and affordable virtual reality to players everywhere.”

Spark founder Santo Politi and Matrix general partner Antonio Rodriguez will also be joining the companies board of directors.
Oculus VR CEO Brendan has said in a statement that there are still many challenges ahead for the company however the extra funding should help them along towards their goals.

“There are still many challenging problems to solve, but with the support of these great investment partners, and our passionate community, we will continue to hire the brightest minds and stay laser focused on delivering the very best virtual reality platform possible.”

What to know what we though of the Oculus Rift? You can read all about it here as Rob publishing his posts as haider gets his hands on the device.