Oculus looking to invest $50 million into mobile VR developers

Virtual reality hardware manufacturer Oculus has set aside $50 million to invest into mobile VR games and apps.

This money is part of the company's plans to invest an additional $250 million into VR as revealed at its Oculus Connect keynote. It has already invested $250 million into the space.

It did not specify what devices this $50 million will be used to invest in. Oculus' tech is used to power Samsung's Gear VR, but it could also look at Google's Cardboard and Daydream devices.

Money for nothing

In addition to this, $10 million has been set aside to support creators from diverse backgrounds, including women and people of colour.

Another $10 million will be used to invest in education apps and bringing Oculus to universities to increase VR development in education.

On top of this, Oculus has said it will cover Unity royalties for developers releasing games on the Oculus Store for up to $5 million in revenue.