Join NexChange - the professional
network for the financial services
industry - and receive a free one-
year subscription to Forbes
Video: NexChange Talks Virtual and Augmented Reality with Presence Capital's Phil Chen
Venture Capital, Video
NexChange’s Andrew Work talks to Phil Chen, managing partner of Presence Capital, at Rise Hong Kong 2017. Presence Capital is an investment firm that believes virtual reality (VR) and augmented reality (AR) are technologies that are going to transform our world. The company invests in and support talented and passionate entrepreneurs who are utilizing these technologies to bring new and exceptional ways of communicating, working, and playing to market.
Virtual reality may be the medical tool for mental health, as discussed by Phil Chen, managing partner of Presence Capital.
Hi I’m Andrew Work from NexChange and we are at Rise in Hong Kong. I saw a super interesting presentation yesterday with this guy, Phil Chen from Presence Capital and he was talking about the future of VR he’s got some investments in the space. Phil, a lot of people are really interested in VR they think it’s going to be about gaming you think you don’t think it’s going to be about gaming you got your eye on something else tell us about that.
Yeah, I’m really excited about VR as a medical device and more specifically in mental health. I think very few people know that mental health is a $200 billion industry but I love that space because I see real productivity games. I see real people getting real help. Now the reason why I’m not as excited as you know in gaming is I don’t really see gaming in VR that much better than the console gaming experience or even the mobile social gaming experience. You know gaming in VR is a very isolating experience. Now in mental health, I’ll give you three examples. One, a company called applied VR that we invested along with Cedars-Sinai and there was a lady that was going through labor she put on a headset right and VR acts like a spotlight right it refocuses your attention right it takes your brain off away from the pain and since that lady was able to go through labor without epidural. Imagine a world where pain and pain management pain therapy is used without drugs.
That is a big goal to look for pain management drug free that’d be really amazing and so I look forward to hearing more about you and the companies you’re working with in the VR space. Phil Chen, Presence Capital talking to me, Andrew Work from NexChange at Rise in Hong Kong.