July 31 (Reuters) - Cosm raised more than $250 million

in the latest funding round, achieving a valuation of over $1

billion, said the shared digital reality technology startup, as

it looks to leverage strong demand for live content.

The company, founded in 2020, will use the latest capital to

speed up the development of new domes designed for immersive

live content at venues globally and grow its technology and

media business units, Cosm said.

This comes at a time when even the world's largest theater

chain, AMC Entertainment ( AMC ), is diversifying its content

portfolio by bringing live sports and concerts to its venues.

From the metaverse, where digital and physical worlds

converge, to the rise of virtual and augmented reality, sports

and concert organizers have been trying to leverage technology

to reach and engage with larger audiences.

The investment round included contributions from investors

such as Baillie Gifford and Bolt Ventures.

The Los Angeles-based company's domes offer live sports,

concerts and other content through a massive wall-to-wall curved

LED display that wraps around the guests.

Programming at the venue include offerings through official

partnerships with the NBA, Walt Disney's ( DIS ) ESPN ( DIS ), Cirque du

Soleil and other artists, studios and creators.

The Los Angeles dome, with a diameter of about 87 feet (26.6

meters), is hosted in a 65,000 square feet facility that can

hold up to 1,700 guests.