Aliso Viejo-based 360fly Inc. has raised $40 million in a Series C financing round to boost global sales and marketing efforts for its breakthrough 360-degree 4K camera to be released later this month.
The investment was led by Greenwich, Conn.-based private equity firm L Catterton and existing investor Qualcomm Ventures, the VC arm of chipmaker Qualcomm Inc. in San Diego. Hydra Ventures, the VC arm of adidas Group in Germany, joined the round as a new investor.
Proceeds also will go to fund research and development of software and hardware, focusing on machine learning technology, and product integration with companies such as Giro and Bell Helmets, the company said.
360fly is the latest local entry in the emerging virtual reality segment—its cameras capture immersive video to create VR footage through a propietary mobile app.
The 360fly 4K camera, which shoots video with four times the resolution as standard HD cameras, will cost $500 at retail and online outlets. Its HD camera, released in October at Best Buy stores, costs about $400.
The company was founded in 1999 in a robotics lab at Carnegie Mellon University in Pittsburgh,
It employs about 20 locally and 70 companywide.
360fly has raised nearly $58 million since it was established in 1999.
