M ontreal’s Felix & Paul Studios says it has landed the financing it needs for its latest location-based virtual reality production, which will be based on new IP.

While the producers could not disclose the exact amount of financing required, they did confirm that the project required an eight-figure budget. The production is set to launch in 2025.

Project financing was assembled through contributions from Export Development Canada (EDC), The Bank for Canadian Entrepreneurs (BDC), the Société de développement des entreprises culturelles (SODEC), and National Bank of Canada’s Creative Industries Group. The project represents Felix & Paul’s largest production to date.

The producers have been previously recognized for VR projects such as the Emmy Award-winning Space Explorers series, billed as the largest production filmed in space, and collaborations with Cirque du Soleil and Universal Studios.

The company’s most recent location-based VR project is Space Explorers: The Infinite (created by Felix & Paul Studios and Montreal-based PHI Studio), which attracts hundreds of thousands of spectators every year on its tour of North America, according to a news release. The company has plans to expand it to Europe, Asia and the Middle East.

“We are proud to count on the backing of creative financial partners like EDC, BDC, SODEC and the National Bank of Canada, whose support is pivotal to our pioneering role in the immersive entertainment market,” said Stéphane Rituit, CEO of Felix & Paul Studios, in a statement.

“Their support strengthens our commitment to the evolution of digital entertainment. Space Explorers: The Infinite has demonstrated the potential of location-based VR for both financial returns and popular appeal. As we embark on our most daring and ambitious project yet, we’re setting the pace for our studio’s growth,” he continued.

With files from Taimur Sikander Mirza

Image courtesy of Felix & Paul Studios