Virtual Reality Studio Baobab Raises $25M in Funding

The Hollywood Reporter

Virtual reality studio Baobab has closed on $25 million in Series B funding, led by Horizons Ventures with 20th Century Fox, Evolution Media Partners (backed by TPG and CAA), China's Shanghai Media Group, Youku Global Media Fund and LDV Partners. 

The company has now raised a total of $31 million, with the new investors joining original investors including Comcast Ventures, HTC and Samsung.

Founded by Madagascar director and chief creative officer Eric Darnell and CEO Maureen Fan, Baobab's work includes the Darnell-directed animated alien VR short Invasion! and its upcoming sequel Asteroids! Redwood City, Calif.-headquartered Baobab is also teaming up with Roth Kirschenbaum Films to create a theatrical feature based on the characters and story in Invasion!

Baobab also said today that it has named director Chris Milk, founder and CEO of another VR startup, Within, to its advisory board.

Previously announced advisors include Disney animation veteran Glen Keane (The Little Mermaid); DWA co-president Mireille Soria; David Anderman, chief business officer of VR firm Jaunt; Pixar co-founder Alvy Ray Smith; PDI co-founder Glenn Entis; and Twitch co-founder and COO Kevin Lin.