Virtual reality startup receives $10 million investment from Minneapolis firm

TAMPA — Vū Technologies, a Tampa-based virtual reality production startup, has closed on a $10 million seed investment from ADX Labs Inc., a technology and services company headquartered in Minneapolis.

Vū Technologies, according to a press release, plans to use the capital to build new Vū Studios — high-tech sound stages that can create content for clients such as Mercedes, Apple, Neiman Marcus and the WWE — in Las Vegas and Nashville in the first quarter of 2022.

“We are on a mission to build the world’s largest network of virtual production studios for the film, television and advertising industries,” Vū Technologies co-founder and CEO Tim Moore states in the release. “This year we plan on building several more studios in North America to add to our existing network and begin building our network abroad.”

Moore, also the founder of Tampa-based video production firm Diamond View, says the firm plans to expand to New York, Los Angeles, Chicago, Atlanta, Orlando, Toledo, Ohio and the campus of Stanford University by the end of 2022. In the meantime, a representative from ADX Labs will join the company’s board of directors.

“Vū Studios represents the pinnacle of virtual production technology and integration,” ADX Labs founder Steven Renner states in the release. “The unique Vū Studios offering has transformed the economics of film and video production. We are thrilled to have invested in the world’s largest virtual production network.”