US developer Owlchemy Labs has raised $5 million in funding for the development of virtual reality games.

This investment comes from Qualcomm Ventures, HTC, The VR Fund, Colopl Next, Capital Factory and some local Austin entrepreneurs.

The team's most well-known VR game, Job Simulator, has been released as a launch title for HTC Vive. Oculus Rift and PlayStation VR releases also planned for later this year.

The team is currently at work on Rick and Morty VR, based on the cartoon TV show.

From mobile to VR

The studio has developed numerous games for mobile and PC in the past. Its porfolio includes Shoot Many Robots, Caaaaardboard! and Snuggle Truck.

A statement from the team said it believes that, like mobile, VR will become a key part of everyday life in future.

"We believe that VR will become a key part of daily life, much like how mobile phones have in such a short period of time become indispensable," read a statement.

"We’re excited for the discoveries yet to be made, the genres of content that have yet to be explored, and for VR to open up interactive media to an entirely new audience."