Shanghai-based investment group China Media Capital (CMC), led by Chinese media mogul Ruigang Li, has taken a stake in Los Angeles-based virtual reality (VR) startup NextVR.

NextVR is now raising an $80 million B financing round based on an $800 million valuation. Financial details of CMC's investment were not disclosed.

CMC has become the second Chinese investor to buy into NextVR, joining CITIC Guoan Group, which made a $20 million investment in the company's series B round last month.

CMC has been investing heavily in the VR industry. The investment group made an investment in Palo Alto-based Jaunt Inc. in a $65 million funding round. In May, it partnered with Jaunt Inc. to set up a Beijing-based VR joint venture.

Two of CMC's subsidiaries, China Sports Media (CSM) and Whaley Technology, are also deeply engaged in the VR space. Whaley is developing VR hardware, while CSM is developing VR streaming services for sports content.

Source: hollywoodreporter

Proofread by Sean O Diobhilin