C360 Technologies, a startup working in 360-degree video, receives $3.5 million in funding
COURTNEY LINDER
Pittsburgh Post-Gazette
clinder@post-gazette.com
3:28 PM AUG 2, 2017
A startup in Pine is the first Pittsburgh-area company and the fourth overall to receive funding from Boeing’s new venture capital arm, HorizonX Ventures.
C360 Technologies Inc. creates 360-degree video solutions for broadcast, and has been in operation since 2008.
C360 reported $3.5 million in an oversubscribed Series A funding round Wednesday afternoon, led by HorizonX and Wexford-based BlueTree Capital Group. An oversubscribed round includes more investment than was originally projected.
The company originally projected $2.5 million, according to a spokesperson.
HorizonX and BlueTree are also accompanied by investments from York, Penn.-based MI-12 Ventures and Pasadena Angels in California.
The company’s proprietary processes have earned it relationships with Fox Sports, CBS Sports, ESPN, TNT, NASCAR, the National Football League and the National Hockey League, among others.
Fox Sports used a camera from C360 for its Super Bowl LI coverage in February.
C360 develops 360-degree video and virtual reality content that does not require multi-headed cameras or “stitching,” which involves arranging multiple photos into one cohesive image.
The company also credits itself for having the “industry’s smallest pro-grade immersive camera,” according to its website. An immersive camera can shoot 360-degree video for use in virtual reality applications.
Investment from this round will be used to develop advanced features like C360 replay applications, additional camera controls and video insertion for virtual reality and augmented animation.
Boeing’s presence through HorizonX extends C360’s reach in future advancements in streaming virtual reality to second screen devices in the aeronautical industry. A second screen experience revolves around one device, such as a mobile phone, being used to enhance the experience on another device, like a television or monitor.
Potential aerospace applications of C360’s innovative video technology include more capable autonomous systems and other advanced platforms.
In the past few months, HorizonX has invested in an Austin, Texas-based artificial intelligence company, an aircraft manufacturing startup based in Kirkland, Washington and a Herndon, Virginia-based wearable technology firm.
“Boeing’s support for the growth of C360 Technologies is a testament to the capabilities of the company’s platform technology and founding team, said Catherine Mott of BlueTree Capital Group in a release. “We are very pleased with this partnership.”
Courtney Linder: clinder@post-gazette.com or 412-263-1707. Twitter: @LinderPG.