Tracxn Virtual Reality Startup Landscape Report, July 2016

1. Virtual Reality Report, July 2016 Tracxn World’s Largest Startup Research Platform 2

2. Virtual Reality Report, July 2016 Contents Topic Page No. Scope of Report 05 Entrepreneur Activity 07 Investment Trend 09 Who is Investing 17 Exit Outlook - IPO, Acquisitions 21 Sub Sector Analysis 24 Interesting Companies 39 VR Sector Analysis 45 Useful Links 50 Company List 52 Team 231 3 3

3. Virtual Reality Report, July 20164 Illustrative Sectors We Track ENTERPRISE INFRASTRUCTURE ENTERPRISE APPLICATIONS MOBILETECHNOLOGY CONSUMER FINTECH EDUCATION HEALTHCARE SECURITY STORAGE NETWORKING MOBILITY IT OPS CLOUD INFRASTRUCTURE API MANAGEMENT BIGDATA INFRASTRUCTURE SAAS MOBILE-FIRST ENT. APPS INTELLIGENT ENT. APPS OPEN SOURCE RETAIL TECH MARKETING TECH STEALTH MODE VERTICAL SAAS MOBILE COMMERCE MOBILE PAYMENTS MOBILE MARKETING MOBILE DEV TOOLS MOBILE HEALTH MOBILE GAMING MOBILE LEARNING MOBILE COMMUNICATION INTERNET OF THINGS VIRTUAL REALITY CONSUMER ROBOTICS WEARABLE TECHNOLOGY SMART HOMES DRONES SMART CARS 3D PRINTING FOOD TECH SECOND HAND GOODS BITCOIN PAYMENTS EDUCATION IT SELF LEARNING LIFE SCIENCES DIGITAL HEALTH

4. Virtual Reality Report, July 20165 Sector Overview Scope of report This report covers companies providing virtual reality devices, technology, applications and content. Over $1.85B invested since 2010, with ~ $428M invested in 2016 YTD. 250+ rounds of funding between 2014 – till date. Device manufacturers and Content providers are the top two funded sectors. • Device manufacturers funding ~ $1.01B • Content providers funding ~ $493M Most active funds & no. of companies funded • Rothenberg Ventures (Matterport, FOVE, 8i) - 29 • BoostVC (8i, Janus VR, Surreal) - 18 • IntelCapital (Avegant, Eyefluence, Voke) – 10 Notable investments in 2016 • MindMaze (Application - Medical) - $100M, Series A from Hinduja Group – Feb 17, 2016 • Razer (developer of VR head mounted display and open-source software plugins through OSVR) - $75M, Series C funding from Hangzhou Liaison Interactive - Feb 22, 2016 • Penrose Studios (Content provider) - $8.5M, Seed funding from Accelerate-IT Ventures, TransLink Capital, 8 Angel, Suffolk Equity and several angel investors - March 10, 2016 • FOVE (VR headset manufacturer) - $11M, Series A funding from Colopl VR Fund, the venture fund of Hon Hai (Foxconn), 2020 and Samsung Venture Investment - March 23, 2016 The scope of this report includes equity as well as debt funding received by the companies.

5. Virtual Reality Report, July 20166 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies VR Sector Analysis Useful Links Company List Team

6. Virtual Reality Report, July 20167 YoY – Number of companies founded 35 27 47 94 226 293 23 0 70 140 210 280 350 2010 2011 2012 2013 2014 2015 2016 No.ofCompanies Wevr Matterport MindMaze JauntVR AntVR Baofeng Mojing SPACES Leap Motion Aquifi Oculus VR uSens Mojing penrose Luminous Group

8. Virtual Reality Report, July 20169 YoY – Number of Rounds and Total Funding $40M $36M $20M $160M $70M $246M $189M $734M $428M 6 7 8 22 31 32 72 147 34 0 32 64 96 128 160 0 160 320 480 640 800 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inMillions) Funding Amount Number of Rounds • The trend indicates that there is an increase in the average funding ticket size as select companies are securing higher amounts of funding Note: The funding includes debt rounds also.

9. Virtual Reality Report, July 201610 YoY – Number of Rounds by Stage

10. Virtual Reality Report, July 201611 YoY – Funding by Stage

11. Virtual Reality Report, July 201612 Average Ticket Size – Early Stage

12. Virtual Reality Report, July 201613 Top investments in last one year

13. Virtual Reality Report, July 201614 Top investments in last one year

14. Virtual Reality Report, July 201615 Funnel view of Sector

16. Virtual Reality Report, July 201617 Most Active Investors in Sector 33 19 11 9 9 6 6 5 5 5 0 5 10 15 20 25 30 35 Rothenberg Ventures Boost Intel Capital Google Ventures Qualcomm Ventures Andreessen Horowitz Samsung Venture Investment Corporation AIB Seed Capital Fund Benchmark Capital-E Partners TotalNumberofCompanies Vicarious Surgical SPACES Voke JauntVR 360fly Lytro Wevr Movidius Linden Lab Movidius Virtual Reality Co. Surreal VR Occipital High Fidelity Matterport Oculus VR 8i gizmozstudio

17. Virtual Reality Report, July 201618 Where are Top Investors investing

18. Virtual Reality Report, July 201619 Top Investor by Stage of Entry

20. Virtual Reality Report, July 201621 Top IPOs in last three years IPO Date Company Overview Investors Funding Amount Mcap at IPO Exch:Ticker 06-04-2010 vuzix.com Vuzix (Rochester, 1997) Video Eyewear products Intel $25.81M OTCBB:VUZI 16-11-2011 invensense.com InvenSense (San Jose, 2003) Motion processing solutions Artiman, Qualcomm Ventures, Partech Ventures, Sierra Ventures $38M INVN vrway.com VRWay Communication (Lugano, 1999) VR media company VRW kogeto.com Kogeto (New York City, 2010) Panoramic Video Camera Manufacturer $1.87M KGTO

21. Virtual Reality Report, July 201622 Major Acquisitions in last one year

23. Virtual Reality Report, July 201624 June 2016Tracxn BlueBox : Virtual Reality 800+ companies in the sector, 183 funded in last 5 years, $1.1B invested in 2015-16

24. Virtual Reality Report, July 201625 Top Business Models by Funding $1B $493M $238M $230M 0 200 400 600 800 1000 1200 Device Manufacturers Content Technology Provider VR Applications TotalFundingAmount(inMillions) # Cos. 171 241 63 362 Avg. Age 2012.6 2013 2010.6 2012.9 Lytro Razer Inc JauntVR CCP Games Movidius InvenSense MindMaze gizmozstudio

25. Virtual Reality Report, July 201626 Device Manufacturers – Business Model Description

26. Virtual Reality Report, July 201627 Device Manufacturers – Entrepreneur Activity and Investment Trend

27. Virtual Reality Report, July 201628 Device Manufacturers – Most Funded Companies

28. Virtual Reality Report, July 201629 Content – Business Model Description

29. Virtual Reality Report, July 201630 Content – Entrepreneur Activity and Investment Trend

30. Virtual Reality Report, July 201631 Content – Most Funded Companies

31. Virtual Reality Report, July 201632 Technology Provider – Business Model Description

32. Virtual Reality Report, July 201633 Technology Provider – Entrepreneur Activity and Investment Trend

33. Virtual Reality Report, July 201634 Technology Provider – Most Funded Companies

34. Virtual Reality Report, July 201635 VR Applications – Business Model Description

35. Virtual Reality Report, July 201636 VR Applications – Entrepreneur Activity and Investment Trend

36. Virtual Reality Report, July 201637 VR Applications – Most Funded Companies

38. Virtual Reality Report, July 201639 Interesting Seed Companies Company Overview Business Model Total Funding solfar.com Solfar Studios (2014, Reykjavik) Virtual reality game development studio Reaktor Ventures, Inventure Oy, NSA Ventures, Shanda Group Content - Studio - Games $2.1M absentiavr.com Absentia Virtual Reality (2015, Mumbai) Virtual Reality head gear Astarc Ventures, 50K Ventures Device Manufacturers - Display Devices - Head Mount Devices $200k wearvr.com WearVR (2014, Atlanta) A place to discover games and experiences for virtual reality devices Content - App Store $1.5M Curated list of companies by the sector analyst are defined as Interesting

39. Virtual Reality Report, July 201640 Interesting Series A Companies

40. Virtual Reality Report, July 201641 Interesting Series A Companies

41. Virtual Reality Report, July 201642 Interesting Late Stage Companies

42. Virtual Reality Report, July 201643 Top Funded Deadpooled Companies

44. Virtual Reality Report, July 201645 VR Sector Analysis Current Adoption: VR applications in both consumer and enterprise domain are getting more attention due to increase in adoption & availability of VR display devices. Some of the sector specific application areas are mentioned below. 1. Gaming: Virtual reality games are already popular and players can interact in more immersive way than the traditional gameplay. 2. Retail: VR based applications help brands to advertise products in 360 degree view and also create “virtual stores” for more personalized and engaging buying experience. For interior decoration and e-commerce companies, such application shows potential buyers a preview of how their purchases would look in a real world setting. This type of solution enables customers to take more informed decision for the purchases resulting in reduced product return rates. 3. Real Estate: Real estate applications help designers to render their design in 3D (before the building is actually built) and also enables potential buyers to view both the interior and exterior look of the building before it is constructed. 4. Education: VR based applications help students to visualize the lessons (any historic event, geographical place, interaction in Life science, Physics and Chemistry etc.). 5. Travel & Tourism: Virtual tour applications are becoming popular in the Tourism sector and viewers can get the feel of the places while not being present in reality.

45. Virtual Reality Report, July 201646 VR Sector Analysis

49. Virtual Reality Report, July 201650 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Niche Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link Top IPOs companies Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link Device Manufacturers – Most Funded Companies Sub Sector Understand Link Technology Providers – Most Funded companies Sub Sector Understand Link Content Providers – Most Funded Companies Sub Sector Understand Link VR Applications developer – Most Funded Companies Sub Sector Understand Link Top Funded Deadpooled Companies Companies Link

51. Virtual Reality Report, July 201652 Virtual Reality – Company List DETAILS CLOSE TO 840 COMPANIES (202 FUNDED COMPANIES) COVERS THE FOLLOWING SECTORS Device Manufacturers Technology Providers Content Providers VR Applications Horizontal

52. Virtual Reality Report, July 201653 Device Manufacturers (1/37) 53 Device Manufacturers Technology Provider Content Providers VR Applications Horizontal Company Details Funding Investors Device Manufacturers VRK Virtual Reality [Sydney, 2015]: VRK develops Virtual Reality headsets. Its product portfolio includes custom designed Google Cardboard based on the latest 2.0 version, VRK Smartphone Goggles and Oculus Ready PCs for the coming Oculus Rift. Also the company offers Virtual Reality apps and games for iPhones and Android phones. Device Manufacturers FLYBi [Hexham, 2014]: Advanced Robotix Corp. has designed a flying drone, FLYBi, that comes with a set of Virtual Reality goggles. These head-tracking goggles provide a direct control to user to look around using the HD camera installed at the base of drone. This drones is available is four different colors, have features like obstacle detection and avoidance, auto return and collision tolerance. It carrying case includes its controller and an extra-pair of batteries. Raised $40k on a campaign goal of $35k on Indiegogo (a global crowdfunding platform) with 13 days remaining in the campaign deadline. Device Manufacturers OET (Oxxon Enterprises Technology) [New York City, 2012]: OET is developing consumer electronics' hardware using innovative technologies. Currently in stealth mode. Plans to launch by early 2016. Device Manufacturers - Display Devices - Head Mount Devices Razer Inc [Irvine, 1998]: Razer partnered with Sensics to build OSVR, an open source VR head mounted display and open-source software plugins that enables programming for any variety of VR technology. Released a modular ‘Hacker Dev Kit’ of the OSVR hardware, which is currently available for $300. Partnered with Chinese Software Giant Qihoo 360 in July'15, for OSVR supported content to be made available to Chinese user base. Intel also announced a deal with Razer, in Aug'15, to supply the innards of its consumer ready 3D cameras for gamers. $125M IDG, Accel Partners, Liaison Interactive, Intel Capital

53. Virtual Reality Report, July 201654 Device Manufacturers (2/37) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal Company Details Funding Investors Device Manufacturers - Display Devices - Head Mount Devices Oculus VR [Irvine, 2012]: Oculus is a American Virtual reality hardware technology development company. The company designs and sells Virtual reality head mounted devices. The company also designed and sells Samsung Gear VR. Offers Oculus SDK for developers to build VR apps. The company was founded by Palmer Luckey and veterans of RedOctane, developers of the acclaimed Guitar Hero series, Scaleform, and Gaikai, the cloud gaming company. Raised $2.4M on Kickstarter for pre orders of Oculus Rift. Was acquired by Facebook Inc. in march 2014 for $2B. Acquired 13th Lab &; Nimble VR in 2014 and Surrel Vision &; Pebbles Interfaces in 2015. Announced GearVR along with Samsung, to be launched in Nov'15. Its controller Oculus Touch is announced to be launched in Q2 2016. Partnered with Asus, Intel, Dell and Alienware to get “Oculus Ready” computer to under $1000. $91M Formation, Andreessen Horowitz, Matrix Partners, Spark Capital Device Manufacturers - Display Devices - Head Mount Devices AntVR [Beijing, 2014]: AntVR provides a set of VR hardware which are compatible with applications designed for Oculus Rift as well as other PC and console platforms. In addition to open-sourcing its hardware, ANTVR Technology also provides SDK to software developers so they can create games for the kit. Raised $260k for pre-orders on Kickstarter in June'14. Stanford professor Shoucheng Zhang joined as chief scientist in 2014. Head mounted devices costs user $240. The company has also developed a VR headset for smartphone called "TAW". The cost of smartphone VR headset is $25. $56M Gosuncn Technology Group, Sequoia Capital Device Manufacturers - Display Devices - Head Mount Devices Avegant [Redwood City, 2012]: Avegant has developed display devices which can be head-mounted. Their first product Glyph is a headphone type device with Virtual Retinal Displays that project comfortable light onto the eyes instead of a LCD screen. The device can also be used as a headphone for audio. The headtracker bluetooth stack communicates with low latency to multiple devices. Currently working to develop plugins for Unity, Unreal and other gaming platforms. Available for Pre order at $499 on their website, will be launched in late 2015. Raised $1.5M on Kickstarter. Was named as one of 24 companies to be named a 2015 Technology Pioneer by the World Economic Forum. Raised $24M in Aug'15, to develop retinal imaging technology and launch Glyph. $36.73M NHN Investment Co., Ltd., Kaiwu Capital, 500 Startups, Intel Capital, Michigan Angel Fund, N Capital Device Manufacturers - Display Devices - Head Mount Devices DeePoon [Shanghai, 2014]: Deepoon develops VR HMD: VIRGlass, smartphone-based HMD and Deepoon, a PC based HMD. Currently focusing on Deepoon, which features Samsung’s AMOLED screen, Fresnel lenses and is compatible with Oculus Rift DK2 content (due to the lack of VR content developers in China). Developed its own SDK solutions and a Chinese VR content platform called 3D bobo with content on 3D movies, images, VR games and videos. It raised ~1M Yuan for the Deepoon device and is also a portfolio company of SkyChee Ventures. $30M Hollysh, Double safeguard, Xunlei Networking Technologies

54. Virtual Reality Report, July 201655 Device Manufacturers (3/37) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal Company Details Funding Investors Device Manufacturers - Display Devices - Head Mount Devices Vuzix [Rochester, 1997]: Vuzix is a leading supplier of Video Eyewear products in the consumer, commercial and entertainment markets. Products include display and wearable devices that provide solutions for mobility, wearable displays and virtual and augmented reality. Holds 39 patents and IP licenses in the Video Eyewear field. Vuzix is a public company, with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. $25.81M Intel Device Manufacturers - Display Devices - Head Mount Devices CastAR [Mountain View, 2013]: CastAR, by Technical Illusions, is developing glasses for both AR &; VR, which enables users to experience interfaces that are natural, responsive, and embedded in the physical world. User can pre-order the glasses and controller on their website for $400. Will be available from Q4 2015. Raised $1M on kickstarter in 2013. In Aug'15, Android creator Andy Rubin's firm Playground Global invested $15M. Founders are ex- Valve Software. $15M Playground Global Device Manufacturers - Display Devices - Head Mount Devices FOVE [San Francisco, 2014]: FOVE developed a VR eye tracking VR headset. Also provides SDK to developers, which integrates content from Unity, Unreal Engine, and Cryengine. Started in University of Tokyo, and is currently developing the hardware in Japan's top laboratories, with cooperation from Samsung and Toshiba. Raised $480K on kickstarter in 2015. Founding team includes game producer from Sony Computer Entertainment. Has branches in Japan and USA. Costs users $400-$500, and plans to ship Q1 2016. $11.1M Microsoft, Samsung Venture Investment Corporation, Rothenberg Ventures, http://colopl.co.jp/, 2020 Ventures, Foxconn Device Manufacturers - Display Devices - Head Mount Devices 3Glasses [Shenzhen, 2014]: 3Glasses provides VR headsets, SDK and motion capture devices, for applications in VR. Also launched VR games and virtual travelling spots. Officially debuted in July'14, at the 12th ChinaJoy Expo &; Conference, in collaboration with Unity. Introduced their first mass-produced 2K Virtual Reality headset in June'15. Costs user $354 for the device. Partnered with Chunshuitang, online adult store in China, in July'15. Raised $4.7M in 2014, where lead investor took over 80% investment ratio. Currently, round B of financing is closing. Being acquired by 4 companies, as of July'15. Focused in Asia and plans to acquire new business in Europe and North America. $4.7M

55. Virtual Reality Report, July 201656 Device Manufacturers (4/37) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal

89. Virtual Reality Report, July 201690 Technology Provider (1/14) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal

103. Virtual Reality Report, July 2016104 Content (1/50) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal

153. Virtual Reality Report, July 2016154 VR Applications (1/75) Device Manufacturers Technology Provider Content Providers VR Applications Horizontal

214. Virtual Reality Report, July 2016215 VR Applications (62/75) Device Manufac

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