04.08.2017, Luxembourg, RTL Group
RTL Group becomes the largest investor in the Series A financing round of Inception, an Israel-based leader in Virtual Reality entertainment, and will hold a minority stake of 15.01 per cent in the company. With the acquisition, RTL Group underlines its leading position in the total video universe.
Benny Arbel and Gigi Levy-Weiss, serial tech entrepreneurs and founders of Inception
Inception was founded in 2016 by a team with a broad range of talent led by serial tech entrepreneurs Benny Arbel and Gigi Levy-Weiss. The company will provide Virtual Reality programming, creative, and distribution capabilities to RTL Group with its unique combination of a next generation content network, innovative technology in the areas of interactivity and user experience, as well as content creation expertise. The Inception app, available for all VR devices and mobiles, has already become one of the top 5 VR video apps.
Inception caters to the VR market, which is growing strongly, from 2.1 million head-mounted displays (HMDs) in 2016 to nearly 83 million in 2021, according to Future Source. Add to this the tens of millions of cardboard headsets available, and you have a very active market, fueled by the new devices expected to drop in 2017-2019 from Microsoft, Oculus and Google.
RTL Group is the largest investor in the Series A funding, consisting of a total raise of $15.4 million, and owns a stake of 15.01 per cent on a fully diluted basis once the financing round has been completed. RTL Group will hold a seat in Inception’s Board of Directors plus an observer seat. Inception has offices in Tel Aviv, London, Los Angeles and New York and currently employs a total of 26 people.