Imagine strolling through the bustling streets of New York City or the vibrant alleys of Tokyo—while also immersed in breathtaking XR experiences seamlessly integrated with your surroundings.
Psychic VR Lab’s STYLY platform is revolutionizing urban entertainment, blending physical and digital worlds to create unforgettable, interactive experiences. The company believes that “in the post-Covid era, it is important not to ‘replace’ real space, but to open the metaverse to cities and create a new hybrid lifestyle that can increase the experience value of the city itself by ‘fusing’ the real and the virtual.”
With a recent funding boost, Psychic VR Lab, a Tokyo-based company behind the XR metaverse platform STYLY, is set to take its innovative vision to new heights and redefine what it means to explore cities.
The company has recently successfully raised an additional $3.7 million in funding, bringing the total funding amount to $19.7 million. This funding round featured the participation of J. CVC fund (GP) invested by Front Retailing Co., Ltd., Nippon Steel Kowa Real Estate Co., Ltd., TV Asahi Holdings Co., Ltd., JR West Japan Innovations Co., Ltd., Tokyu Fudosan Holdings Co., Ltd., and SBI Investment Co., Ltd.
With this financial support, Psychic VR Lab aims to enhance urban entertainment experiences worldwide by fusing art, music, video, and commercial facilities through its “real metaverse platform” STYLY.
“The successful conclusion of this recent funding round highlights the drive to expand XR into every facet of life, making our cities smarter and more adaptable using immersive technology,” said Ryohei Watanabe, CMO of Psychic VR Lab, in a press release shared with ARPost.
What Is Urban XR Entertainment?
Urban XR entertainment utilizes XR technology to transform an urban environment into an immersive and interactive medium of entertainment. The use of XR technology in urban environments can offer users a diverse range of immersive experiences similar to switching TV channels. By overlaying XR content onto the real world, a highly engaging experience can be created and potentially increase foot traffic in the city.
Through its platform STYLY, Psychic VR Lab aims to promote urban XR entertainment that improves the attractiveness of locations and revitalizes tourism. The idea behind the platform is to create and distribute XR content linked to cities worldwide, such as Tokyo, Kumamoto, Niigata, New York, and Barcelona.
“Together with Psychic VR Lab, which strongly aspires to the XR entertainment business based on ‘real’, we will create countless XR services linked to all experiences such as entertainment, art, travel, tourism, and business in the real world, including the West Japan area, so that people can connect,” said Makoto Okuno, President of JR West Innovations Co., Ltd., one of the investors.
STYLY Platform: AR and MR Meet Urban Exploration
With the ability to import 3D geomap data of cities into STYLY, Psychic VR Lab aims to revolutionize the way we experience urban spaces.
“Through this investment and business alliance, we hope to create a space full of art and entertainment that provides unprecedented experiences through synergies with the company and its stakeholders and contribute to improving the attractiveness of the city,” said Managing Executive Officer at J. Front Retailing Co., Ltd., Naotaka Hayashi.
Future Impact of Urban XR Entertainment on Industries and Society
Urban XR entertainment has the potential to profoundly impact various industries, including tourism, retail, and real estate.
“Nippon Steel Kowa Real Estate will create new value in real estate together with Psychic for a future in which new lifestyles and work styles that fuse the real and virtual will become commonplace,” said Yasuhiko Imaizumi, President and CEO of Nippon Steel Kowa Real Estate Co., Ltd., one of the investors in the latest funding round.
Overall, investors see the potential in STYLY and Psychic VR Lab’s vision of creating a real metaverse platform. They aim to create new value by combining their expertise and resources with Psychic VR Lab’s technology and driving force, contributing to the growth of the company and the advancement of the industry.
As Psychic VR Lab continues to expand its urban XR entertainment initiatives, we can expect to see more cities embracing this technology and its benefits. Psychic VR Lab is opening the door to a new era of urban experiences, transforming the way we interact with and enjoy our surroundings. With their recent funding and ongoing projects, the future of urban entertainment is all the more promising and exciting.