The Oculus Rift is clearly one of the hottest up-and-coming gaming technlogy products and people have long been clamoring for its release. Oculus has been going through some problems developing the virtual reality (VR) goggles for mass production, but those problems may soon end, thanks to a $75 million injection of funds from investors led by venture capital firm Andreessen Horowitz.
With the new funds, Oculus VR has increased in value as a technology company by leaps and bounds. The new funds will be used to increase the company's employees and speed up the production of the Oculus Rift VR goggles.
While the $75 million investment is definitely good for Oculus VR, it is also indicative of how much faith investors have placed in the new technology the company is producing. Other investors funding Oculus VR include Fomation|8, Matrix Partners and Spark Capital.
The gaming industry in general has been suffering from a lack of innovation since Nintendo's Wii came out years ago. While Sony and Microsoft's next generation consoles the Playstation 4 and the Xbox One have been praised for their powerful graphics capabilities, gamers have criticized the lack of innovation on the new consoles.
Oculus VR is more than glad to have Horowitz onboard. "An engineering company like Oculus requires substantial capital. We're building the best team, designing new hardware, manufacturing millions of units, and developing great games, apps, and experiences. We're always looking for new partners to help us change the world," the company said in a statement.
"With this new funding, we'll be investing heavily in future R&D, expanding our hardware manufacturing and distribution operations, developing the world's premier VR platform, and recruiting more competitively than ever before. It also means we're designing and publishing more incredible VR content - the types of games, applications and experiences that will define the platform," it added.
The latest round of investments may also be the last one before the product is launched.
Oculus VR is expecting to release its product sometime in 2014 though no exact release date has been announced so far.
