Visbit, a virtual reality (VR) and 360-degree video streaming company, raised $3.2 million and launched a closed beta version of what it claims is the industry’s first cross-platform streaming service for VR.

The platform enables 360-degree video and VR content creators and publishers to deliver Ultra High Definition quality streaming and viewing experiences to consumers across multiple VR platforms.

The company will use its funds to accelerate the development of its “patented Visbit View-Optimised Streaming technology”, which it said is the first to stream and play near-zero latency 360-degree VR videos in 4-8K resolution over regular Wi-Fi and LTE for mobile, and eventually tethered VR headsets.

Visbit believes this marks “a major industry milestone since the majority of home WiFi and mobile networks can’t deliver data at the speed needed for a satisfying VR experience”.

“Virtual reality is at such a tipping point, and to date, far too many users have been disappointed in their experience. Our technology is set to change that,” said Changyin Zhou, co-founder and CEO.

Visbit’s streaming service is currently available in closed beta for use on mobile VR platforms Samsung Gear VR and Google Cardboard. Additional platform support will be announced in the coming months.

Participants in the funding round included Presence Capital, ZhenFund, Colopl Next, Amino Capital.

Existing pilot customers for the closed beta version includes VR therapy app maker Realiteer. Visbit believes its streaming solution provides a “broad range of implementations” including VR apps for the NGO, education, healthcare and travel sectors.