IMAX announced Thursday the creation of 25 interactive virtual reality “experiences” over the next three years. The company plans to raise $50 million in funding, the first round of which has been completed. 

"We will be leveraging our collective relationships with world-class filmmakers and content creators to fund VR experiences that excite and attract a larger user base to capitalize on opportunities across all VR platforms including IMAX VR," Richard L. Gelfond, CEO, IMAX Corp., said in a statement

The company plans to use the funds to create high-quality VR content and target premium, event-style productions along with partnering with Hollywood studios, filmmakers and cinemas such as Odeon. Other investors in the venture include Acer, Creative Artists' Agency, Enlight Media, the Raine Group, Studio City and WPP.  

It announced its pilot VR centers in Los Angeles and Manchester in October in partnership with ODEON & UCI Cinemas Group.

The VR content would be streamed through headsets made by Acer and Starbreeze AB, and would offer a high-resolution extra-wide field of view — 210 degrees. The content will be made in the form of 5-15 minute clips and tickets are expected to cost around $9.81-$12.31.