Unity, a name which has become nearly synonymous with game development in recent years, is drawing massive funding for VR. The San Francisco-based company Unity Technologies has made the news for drawing in over $180million dollars from Venture Capitalist funds. This information mainly cements the company’s lead as a game engine designer. However, it also suggests that investors have confidence in the future potential of AR and VR.
Unity is Everywhere
Unity Technologies have their proverbial fingers in a huge number of gaming pies. According to news blog Road to VR, Unity is such a ubiquitous engine that even companies with proprietary engines use it. Valve, for example, used Unity for their game The Lab over their own source engine. Palmer Luckey, CEO of Oculus, says that 90% of all content for Samsung Gear VR uses unity. Even Pokemon Go, which by now everyone has heard of if not actively using, runs on Unity.
Unity Technologies firmly has their sights set on leaving a significant footprint on VR and AR Space. To this extent Barry Schuler, on the board of directors of the company, makes their intentions very clear. “Now Unity is poised to accelerate the advance of AR/VR with their unique ‘write once/publish many’ engine which allows studios to easily support all hardware platforms without having to attempt to choose a winner,” says Schuler to the New York Times.
Digi-Capital, which runs a blog on capital investments, predicts that AR and VR will be a $120billion market by 2020. However, the blog also warns that the market is at current peak hype cycle, meaning high speculation. The financial forecaster of Digi-Capital are likely to revise these figures regularly until VR reaches mass-adoption. Until then, the money for VR and AR will keep coming in. Unity Technologies is currently sitting on $198.5million in equity funding according to crunchbase.com.