Oculus Rift Secures $75 Million Additional Funding

Oculus CR, the company behind the highly anticipated Oculus Rift virtual reality headset, has raised $75 million on top of the $16 it received earlier this year.

The new funding comes primarily from investment company Andreessen Horowitz, with venture capital entrepreneurs Marc Andreessen and Chris Dixon joining the Oculus board.

According to The Verge Andreessen Horowitz didn't buy into the Oculus hype until they tried out the latest version of the Rift with its improved latency, resolution and head-tracking.

The new fund will be used to help with production costs and to support software developers and encourage them to create high quality games for the yet-unreleased platform.

"They're not just betting that their game will be successful, they're also betting that Oculus will sell enough units to make their game profitable, and that's a really big bet for a developer to make," said Oculus founder Palmer Luckey. "If a company is going to take out a lot of time from their development schedule to build a game in VR, we don't want them to have to shoulder all of that risk themselves."

Oculus Rift release date has not been decided yet.

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