The Virtual Reality Company (VRC), a Los Angeles-based VR production company, has raised $23 million in equity financing. The equity investment was made by Hengxin Mobile Business, a Beijing-based mobile services and technology provider, that will also be providing VRC a platform for the distribution of its content in the greater China region. VRC says it will use the funds toward producing more original virtual reality content.

Founded and managed by two-time Academy Award-winning director Robert Stromberg and entertainment industry executive Guy Primus, VRC is a producer of VR content, including the tentpole VR experience for the movie The Martian. Investors in VRC include Metallica lead singer James Hetfield, Rothenberg Ventures, and Elementum Ventures. Upcoming VRC projects include a family-oriented VR program created with VRC advisor and shareholder, Steven Spielberg.