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NetEase Participates in Series B Funding of Leading Virtual Reality Content Provider NextVR

BEIJING, Aug. 9, 2016 /PRNewswire/ -- NetEase, Inc. NTES, +4.12% ("NetEase" or the "Company"), one of China's leading internet and online game services providers, announced its participation in a recent $80 million Series B funding of NextVR, an emerging leader in live virtual reality broadcast technology.

"This early stage strategic investment in NextVR reflects our commitment to the development of cutting-edge technologies for virtual reality (VR)," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "We are true believers in live VR experiences and have great confidence in NextVR's ability to lead in this field. We look forward to giving consumers an entirely new way to experience live events, as well as exploring possible synergies between our online games and media business and NextVR."

The Series B round allows NextVR to expand its virtual reality platform and global operations. NextVR recently announced a partnership with Live Nation to deliver hundreds of A-list performances in VR to fans across the world. NextVR has also broadcasted major sporting events live in VR, including the U.S. Open and Masters golf tournaments, the Kentucky Derby, and the International Champions Cup soccer competition. In addition to their live broadcasts, the company recently streamed MLB's annual Home Run Derby in VOD.

In addition to NetEase, investors in the Series B round include CITIC Guoan Information Industry Co. Ltd., China Media Capital, SoftBank Group, Founder H Fund, VMS Investments Group Limited, China Assets, and Spectrum 28. All investors in the Series A round, including Formation Group, Time Warner Investments, Comcast Ventures, Stephen Ross's RSE Ventures, Mandalay Entertainment's CEO Peter Guber, The Madison Square Garden Co., and dick clark productions...