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CNBC broke the news Friday that British VR company (a start-up with a recognized world of potential) has attracted a mammoth investment from an equally mammoth company.

The start-up in question, Improbable, has raised $502 million from Softbank.

According to the report, this investment marks “one of the largest investments for a European technology business at the embryonic stage of its development.”

Improbable is now valued at approximately $1 billion, according to the report.

“We believe that the next major phase in computing will be the emergence of large-scale virtual worlds which enrich human experience and change how we understand the real world,” says Herman Narula, CEO of Improbable.

To read the full report, click here.

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