Lucid Sight, Los Angeles based VR gaming startup has closed in the latest funding round worth $3.5 Million led by Rana Capital Partners and Salem Partners. With this Series A, the total funding raised by the startup has touched $4 Million.
Along with the funding, Lucid Sight had another announcement to make, i.e. the startup is releasing a VR Ad SDK to enable other game developers to use this platform to monetize their content with the in-App add support it provides. With the raised funds, the startup is looking to build more content and sign partnerships with other VR headset companies to capture a bigger market. It currently has 3 games (Poly Runner VR, Gumi No Yume and Space Bit Attack) and plans to build a portfolio of over 20 games by the end of this year. Having a vast portfolio will also enable the startup to show off their advertisement platform on various other VR headsets.
According to the inputs from the officials, Lucid Sight has seen some early success in the pilot phase. They have implemented a 4 minute 360* advertisement in their title Poly Runner and over 40% of the users opted to watch the full length advertisement despite having an option to opt out at 10 seconds.
Despite this, advertisement in VR is still an unexplored territory. Most of the players are looking to establish themselves with the content before starting to show advertisement. In that scenario, Lucid Sight is trying to take the first mover advantage by capturing the market before it gets too popular and big.