>> A tech firm being valued at $1 billion based in London, not Silicon Valley. No, this isn't virtual reality, it's the promising future of a UK firm that makes the technology. Japan's Softbank is Improbable, raising more than $500 million funding, that media reports suggests give the business $1 billion plus price tag.
Reutters correspondent Kate Holton says it shows the strength of tech in the UK.>> What this company is hoping is, that by being able to raise these funds here, it will benefit the whole eco system. Because they will be able to work with others and it's also just a huge sign of encouragement from other companies that there is money coming into the UK.
>> Softbank says Improbable will keep its independence despite the major investment. The ace up its sleeve, technology it believes will be revolutionary.>> They are able to create huge ecosystems, so they're thinking in future. At the moment, it's mostly applied to gaming, but they think in the future it could be used as some sorta of scale, large infrastructure projects that type of thing.
And that it could be used by all sorts of industries. So they see obviously that it has huge potential and the Japanese investors have agreed.>> New realities, new worlds, that's what this virtual reality firms says it will create. But already it could be helping to build a new tech landscape for London.