HBO wants to make 'holographic content,' and just invested in a $300 million startup that's building the technology

HBO and Discovery have taken an equity stake in virtual reality and 3D pioneer OTOY, with the goal to produce "original holographic content," OTOY announced on Tuesday.

HBO will start its foray into OTOY's new technology with Jon Stewart, who is currently working to develop "upcoming content" using the company's platform.

"OTOY is unbelievable! It's a limitless mind blowing creative platform. My dream is to someday understand how they did it," Jon Stewart said in a statement.

OTOY had previously announced a four-year production deal with HBO and Jon Stewart.

What exactly is holographic content? The details are murky, but OTOY CEO Jules Urbach describes his vision of the future of entertainment as moving beyond the screen: "The future of media and entertainment is not going to be constrained by a screen, nor consumed through monolithic apps or platforms," he said.

OTOY's previous products have touched on many facets of virtual reality and 3D, and have led Urbach to a string of successes that include an Academy Award. OTOY's board includes superstars like Alphabet executive chairman Eric Schmidt, Javascript creator Brendan Eich, and Hollywood power broker Ari Emanuel.

Here is how OTOY described the investment in a statement:

The investment will fuel development and distribution of original holographic content, enabling HBO and Discovery to deliver new entertainment experiences to consumers across TV, mobile, web, social and emerging wearable technologies such as virtual and augmented reality. OTOY is currently working with Jon Stewart on the development of upcoming content for HBO built using this platform.