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Oculus raises $75m to create virtual reality

Oculus VR, a Californian company that is developing a new virtual-reality headset, has raised $75m in fresh venture capital funding, in one of the largest investments in a new wave of hardware start-ups that found early support through crowdfunding.

After several false starts for the technology, the sizable financing is a vote of confidence in virtual reality from Andreessen Horowitz, venture capital backer of tech companies such as Facebook, Twitter, Jawbone and Airbnb.

Oculus Rift goggles are still under development ahead of a consumer launch expected next year, but have received accolades from video games enthusiasts for their immersive and realistic 3D rendering of virtual worlds.

More than 40,000 units have sold to developers to date. They have attracted the support of games industry pioneers such as John Carmack, whose software popularised first-person shooting games with Doom and Quake.

Early software developed for the Rift headset has ranged from driving simulators to space operas, but Oculus and its new backers believe VR technology has applications beyond video games.

"We believe Oculus will not only alter the gaming landscape but will redefine fundamental human experiences in areas such as film, education, architecture, and design," said Mark Andreessen, co-founder of Andreessen Horowitz, who will join the company's board.

Oculus' VR technology was first developed by Palmer Luckey, a 20-year-old self-taught electronics enthusiast from Long Beach, California. After failing to find an affordable and capable 3D headset for gaming, Mr Luckey decided to create his own by buying 1990s VR gadgets from auction sites and taking them apart to see how they worked.

In September 2012, Oculus raised $2.4m through Kickstarter, the crowdfunding platform, as thousands of backers paid about $300 for an early version of its VR headset.

The start-up, which is based near Los Angeles, subsequently raised a further $16m from investors including Spark Capital, Matrix Partners and Formation 8.

Its latest $75m cash injection will help Oculus work towards a full consumer launch of its device, for which no date has been set.

"This additional infusion of capital, as well as the leadership and experience of Marc Andreessen, will help us take the final steps toward our ultimate goal: making virtual reality something consumers everywhere can enjoy," said Brendan Iribe, Oculus VR's chief executive.

The funding for Oculus comes as the traditional games console industry begins a new hardware cycle. Microsoft's Xbox One and Sony's Playstation 4, released last month, have sold more than 2m units each.

Alongside Oculus, independent games console maker Ouya raised $8m via Kickstarter before going on to raise an additional $15m in May from venture capitalists including Kleiner Perkins Caufield & Byers.

Other Kickstarter graduates that have gone on to raise funding from more traditional sources include the Pebble smart watch and SmartThings, a home automation platform.

After a decade in which hardware start-ups were out of favour with VCs who preferred the lower risk and faster returns of internet and software companies, several device makers have raised multi-million dollar rounds in recent months, including littleBits, a modular electronics kit maker, and 3D Robotics, which makes drones for consumers and commercial applications.

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