European virtual-reality (VR) inflight entertainment (IFE) specialist Inflight VR has closed its largest equity financing round to date, securing over €4 million ($4.5 million) to support its growth plans.

Inflight VR, which is targeting the airline market for its immersive VR entertainment headsets, described the funding as a crucial milestone toward making virtual reality a “business reality.”

Existing shareholders and venture capital firms, such as Motu Ventures and CBC Investments, participated in the fund-raising exercise.

“In this round, they were joined by new high-profile investors such as Stefan Lauer, a former executive board member of Lufthansa and Dr. Carsten Berrar, partner at Sullivan & Cromwell,” Inflight VR said.

Inflight VR has already worked with several airlines, including Spanish carrier Iberia, South Korean LCC Jin Air, Singapore Airlines, Turkish leisure carrier SunExpress and Israeli airline El Al, as well as airport-lounge operators Aviapartner and Star Alliance.

The company also participated in International Airlines Group’s (IAG) Hangar 51 startup incubator program.

“Eight customers in the first year of operations have proven the technology works and passenger feedback of over 95% positive sentiment demonstrates Inflight VR’s role,” the company said.

The new funding will be used to support further roll-outs and to gather data on other applications, content performance, user behavior and business models.

Former Panasonic Avionics, Rockwell Collins, Lufthansa and Condor executive Matthias Walther has also been named as Inflight VR chief marketing officer.

Inflight VR was founded in Munich, Germany in 2014. The company’s operational headquarters is located in Barcelona, Spain.

Victoria Moores victoria.moores@informa.com