NEW YORK (April 3, 2008) — Simmersion Holdings Pty Limited (Simmersion Holdings), a 3D software and services company, today announced it has received a US$1.9m (A$2m) investment from leading global high-tech investors. The funds are being used to launch a new virtual worlds social network and technology platform, Mycosm.
Mycosm allows anyone to create their own unique 3D world for free by using intuitive tools and importing high quality 3D content. The worlds can be shared online to play games, share media, make money and socialize with friends. The innovative technology has been developed by the Simmersion Research & Development team over the last 3 years.
Mr. Bob Quodling, CEO, Simmersion Holdings said “We are tackling the core problems with virtual worlds: low fidelity, too technical, no control, no fun and no friends. Mycosm brings the power of a compelling virtual world platform to everyday users for free.”
The investment will propel Mycosm into private beta mode over the coming months and Simmersion Holdings is encouraging people to register for an invitation on their website (www.mycosm.com).
Blue Cove Ventures, which is backed by Japanese firm Hikari Asset Management, invests in early stage opportunities that have significant global potential. Mr. Nick McNaughton, CEO, Blue Cove Ventures said "We are delighted to have an opportunity to invest in Simmersion. Their technology is innovative and unique, their management strong and their potential significant".
Simmersion intends to deploy Mycosm to the western market before exploring opportunities in Asia. Mr. Hirokazu Mashita, Chairman & CEO, Hikari Private Equity, said "Simmersion is well positioned to take advantage of the 3D internet. We are delighted to join the share register as their first international investor".
Mycosm represents a step away from centralized virtual worlds that currently dominate the market, focussing instead on independent worlds created through a fulfilling user experience. Simmersion Holdings will also license the proprietary Mycosm platform to corporate customers allowing them to offer virtual world applications by market vertical or geography.
Simmersion Holdings is an Australian 3D simulation solutions and services provider. Founded in 2004, Simmersion is best known for the Simurban software suite; a desktop package that allows users to simulate real or imagined world environments with realism, context and spatial accuracy. Simmersion is passionate about harnessing the power of virtual worlds to solve real world problems. In August 2006, Simmersion was a winner or Red Herring Magazineʼs top 100 technology start-ups in Asia for 2006.
Blue Cove Ventures is a Venture Capital company committed to assisting entrepreneurs build and grow successful technology companies. Blue Cove seeks talented visionaries with disruptive ideas, the commitment to build solutions, and the passion to challenge the status quo.
Simmersion Holdings Pty Limited
+1-415-519-3757 (from April 2)
+61-422-926794
ben.hamey@simurban.com
www.mycosm.com
Blue Cove Ventures
+61-413-227711
nick.mcnaughton@bluecoveventures.net
www.bluecoveventures.net
Visit the Simurban.com website
