Vividthree invests in OTT streaming platform provider XMI

Singapore five-dollar note Photo by Leslie Shaffer

Virtual reality player Vividthree subscribed for up to S$1.5 million convertible notes from Over The Top (OTT) streaming platform company XMI Group, the company said Tuesday.

The notes, which have a 4 percent interest rate, will have a maturity of 24 months or until XMI completes a listing on SGX or sells at least 50 percent of the company, the Singapore-listed company said in its filing to SGX.

The notes can be converted into new shares of XMI at a 30 percent discount to XMI’s listing price or implied trade sale valuation, or a 35 percent discount if the maturity of the notes is extended, the filing said. The maturity date can be extended for 12 months, and if so, the interest rate will be increased to 8 percent.

XMI is working on an OTT platform for alternative content and music with gamified elements. Vividthree said it expects XMI’s platform will encourage home VR entertainment, offering an outlet for its VR content.

Vividthree is a virtual reality, visual effects and computer-generated imagery studio that develops digital intellectual property assets, including thematic tour shows.

Vividthree is preparing for 5G networks, which will offer consumers real-time interaction with immersive media, with no latency, or wait time, the company said.

“We provide them the technical support through our proprietary software – OTT Streaming platform to deliver their Virtual Reality content to a wider pool of consumers regionally,” Steve Kek, director of XMI, said in the statement.

XMI will use the funds from the convertible notes for working capital and day-to-day operations, the filing said.

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