SAN FRANCISCO, Nov. 3, 2016 /PRNewswire/ -- Dheeraj Jain, Managing Partner at Redcliffe Capital, announced a seed investment in virtual reality game studio Xanadu Heights, Inc. The Xanadu Heights team, which has been working on game pre-production thus far, has confirmed the investment.
The round was closed earlier in October, with the capital funding production and launch of the first chapter this winter. The game was designed specifically for VR, and will be initially available for HTC Vive.
"Immersive gaming is projected to be at a massive 48% of a $4.8B VR software market by 2018 end," said Mr. Jain, announcing the investment. "Our firm is excited about virtual reality, and has been keen to make an investment in the VR gaming space. The Xanadu Heights team has captured our attention with their vision to publish a ground-up VR racing title, and we are delighted to be backing them in this venture."
"Xanadu Heights is a game that tackles a tough niche in VR: racing. High speed motion in virtual reality is a particularly challenging scenario to build around, and we are excited to have the backing to be able to do so," stated Preetam Mukherjee, founder and principal producer of the game franchise. "Our team has been developing this game since late 2015, and we are eager to share our progress publicly very soon."
The XH team has conceptualized the first part of the game series as three progressively complex chapters, to be released as paid downloadable content (DLC). The initial price for the first chapter is estimated to be $19.99, available on Steam Early Access and the HTC Viveport later this year.
About Xanadu Heights Inc.
Xanadu Heights is a virtual reality game company based out of the Upload VR Collective space in San Francisco, California. The company is building a VR-focused game franchise. More information available on the company's website at xanaduheights.com .
About Redcliffe Capital
Redcliffe Capital is a venture capital investment firm. Their teams in London and Delhi have extensive experience and a successful track record of investing from own book and fundraising in mid-cap to large businesses across multiple sectors globally. More information is available on the company's website at redcliffecapital.com .
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SOURCE Xanadu Heights, Inc