Cosm valued at $1 billion as it raises funds to expand immersive live entertainment globally

(Reuters) - Cosm raised more than $250 million in the latest funding round, achieving a valuation of over $1 billion, said the shared digital reality technology startup, as it looks to leverage strong demand for live content.

The company, founded in 2020, will use the latest capital to speed up the development of new domes designed for immersive live content at venues globally and grow its technology and media business units, Cosm said.

This comes at a time when even the world's largest theater chain, AMC Entertainment, is diversifying its content portfolio by bringing live sports and concerts to its venues.

From the metaverse, where digital and physical worlds converge, to the rise of virtual and augmented reality, sports and concert organizers have been trying to leverage technology to reach and engage with larger audiences.

The investment round included contributions from investors such as Baillie Gifford and Bolt Ventures.

The Los Angeles-based company's domes offer live sports, concerts and other content through a massive wall-to-wall curved LED display that wraps around the guests.

Programming at the venue include offerings through official partnerships with the NBA, Walt Disney's ESPN, Cirque du Soleil and other artists, studios and creators.

The Los Angeles dome, with a diameter of about 87 feet (26.6 meters), is hosted in a 65,000 square feet facility that can hold up to 1,700 guests.

(Reporting by Akash Sriram in Bengaluru; Editing by Vijay Kishore)