It is predicted that by 2020, the Augmented Reality (AR) and Virtual Reality (VR) industry will be worth a cool U.S 150 billion. A venture capital firm has emerged out of San Francisco that will be entirely devoted to start ups that specialise in AR and VR.
Presence Capital has been founded by Phil Chen, Amitt Mahajan (of Farmville) and Paul Bragiel.
According to Fast company, Chen cites two reasons for starting the company.
“We believe VR then AR to be the next personal computing platform. Having been at the forefront of the PC-to-mobile platform shift, we’re seeing similar signs of the platform/paradigm shift towards VR.
Secondly, VR and AR hardware is already ahead of the software and content, but we also know for this ecosystem to really take off, [there] needs to be…robust software and content volume and variety.”
Quotes sourced from Fast Company.