The investment package from Frontier Development Capital will support expansion and recruitment at the virtual reality specialist.
"For a VR company we are unusual, because we are already profitable and already selling to many of the world's biggest brands. The one thing that has held us back is that we haven't had enough investment to expand as quickly as we would have liked. Frontier Development Capital's involvement now enables us to accelerate our growth."
The funding round was led by Andrew Diplock alongside the Development Bank of Wales.
"The future is exciting for Rescape and with the new funding, the business will be able to make the right investment at the right time with innovative technology in the developing healthcare sector. I was pleased to be able to introduce this South Wales based business to a group of leading and experienced businesspeople– they all agreed to back the exciting future development of this company. I focus my investment activity on high growth potential South Wales-based businesses. Rescape Innovation certainly fits the bill and I look forward to working with the management team in the years to come."
The seed round was backed by Startup Funding Club, the London Co-Investment Fund, and the British Robotics Seed Fund.
"Our digital realities platform fills a clear gap in the market for high-resolution output that is realistic and needs no further editing before being put into a VR or AR setting."
Deepbridge Capital led the Series A round with participation from MSIF to accelerate product development and international growth.
"vTime offers users the most immersive and intuitive way to engage with others in VR from wherever they are. The advent of consumer AR at scale is allowing us to use decades of expertise to develop another unique way to connect and engage with friends and family in alternate realities. Crucially, Deepbridge share our vision for the future – both in delivering a matchless social XR experience and our expansive plans to monetise and build upon the vTime framework with future technologies."