ALISO VIEJO, Calif., May 5, 2016 /PRNewswire/ -- 360fly, Inc., maker of the category-leading, single-lens camera that captures stitchless 360-degree video, today announced the closure of a $40 million Series C financing round. 360fly welcomes its newest investor Hydra Ventures, the corporate venturing arm of the adidas Group. Hydra Ventures joins lead investor L Catterton and existing investor Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures.
This latest round of funding will significantly bolster 360fly's efforts to expand the worldwide sales footprint for its groundbreaking suite of 360-degree camera offerings, while also supporting marketing efforts for its new 4K camera, available at retail later this month. Additionally, 360fly will continue its emphasis in R&D and continued development of its software and hardware roadmap – specifically focusing on machine learning technology and its continued focus on product integration with companies like Giro and Bell Helmets.
"Our investment partners recognize the tremendous opportunity within the VR space as we drive further toward a level of widespread consumer adoption," said Peter Adderton, 360fly CEO. "We have no intention of slowing down or resting on our laurels, and closing this latest round of funding is critical to not only maintaining, but increasing the momentum we've established."
Virtual reality and immersive video have never been more top of mind, thanks to a string of recent announcements by major media companies such as Facebook and YouTube, VR purveyors such as Oculus Rift, and consumer-friendly 360-degree mobile VR cameras such as 360fly. The overall category can be broken down into two distinct areas: professional-grade VR and consumer-level 360-degree video (aka "mobile virtual reality").
Specializing in consumer-level 360-degree video, 360fly brings immersive video and mobile VR to the masses with its affordable camera offerings and its intuitive mobile app. 360fly allows users to easily shoot, edit and share 360-degree video to popular social platforms like Facebook, YouTube and more.
Additionally, 360fly offers mobile live streaming through a partnership with Livit. Users can live stream their 360fly content with the free iOS and Android Livit Now mobile app, a smartphone and a 4G signal. Viewers can immerse themselves within the live feed and select the point of view they wish to watch.
The 360fly HD camera is available at Best Buy stores for $399, while the new 360fly 4K camera will be available at retail stores and online later this month for $499. To learn more about 360fly, visit www.360fly.com or follow 360fly on Twitter and Instagram @360fly, "like" it on Facebook at facebook.com/360fly, and subscribe to its YouTube channel.
360fly creates unique, 360-degree digital products that inspire users to capture, share and experience life's greatest moments in 360 degrees. Our passion has led us to redefine video. Life is too rich to capture part of it.
360fly and the fly logo are trademarks of 360fly, Inc. Other company and product names may be trademarks of their respective owners.
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SOURCE 360fly, Inc.