Gumi backs $80m virtual reality development fund

Japanese mobile studio Gumi has invested in The VR Fund.

The company announced that it had backed the virtual and augmented reality development incubator with an undisclosed sum of money.

The VR Fund previously revealed that it was seeking up to $80 million in funding when it was founded last month by former PlayFirst CEO Marco DeMiroz.

Gumi offered the financial support through its US arm, Gumi America, and is one of the first games companies to side with the young San Francisco-based firm.

Should it hit its target, The VR Fund will overtake the $50 million raised by Japanese mobile outlet Colopol last year specifically to back VR and AR projects.

However, it’s still some way off the $1.5 billion raised by augmented reality specialist Magic Leap in three rounds of funding across 2015.