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London’s Armstrong Ventures invests in virtual reality music startup

London-based investment company Armstrong Ventures PLC has revealed that it will invest £212,500 in loan notes at MelodyVR Ltd, a Hertfordshire startup dedicated to developing a premium music service through virtual reality.

The loan notes may be converted at the option of Armstrong into equity shares in MelodyVR on 31 March 2017, or earlier, upon the sale or listing of MelodyVR or upon the raising of equity finance by MelodyVR.

Established in 2015, the firm creates virtual reality content, a three dimensional environment explored and interacted with by users, by capturing live music performances.

Consumers using MelodyVR’s content will use VR headsets currently being developed by a number of technology companies, including Facebook-owned Oculus, HTC, Google, Sony and Samsung, providing users with a 360 degree experience.

The company has developed its own technology for the recording and live streaming of music performances, whereby it plans to make live and recorded music content available to users via its own app and third party VR platforms.

In addition, the firm has entered into a number of exclusivity agreements with music festival and event promoters ahead of the app being launched later this year.

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