Investors spent $800 million on AR and VR companies in the second quarter of 2017. This is the latest funding data from VR advisory firm Digi-Capital.

That’s the good news. The sobering note — though not entirely damning of the sector — is that spending is consolidated with a few top players, Improbable and Unity, getting most of that money.

This isn’t entirely surprising, as embryonic tech sectors will cluster in this way. Industry life cycles then follow a trend towards fragmentation before settling back into consolidation in their maturity. VR will likely follow that path, as will AR.

In fact, we’ve seen this before: Magic Leap’s massive funding round from Google in Q1 2016. That round alone skyrocketed the sector’s funding at the time.

As for further breakdowns in funding Digi-capital subdivides the data. Not surprisingly for early stage, underlying technology has been the biggest recipient of capital.

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Disclosure: ARtillry has no financial stake in the companies mentioned in this post, nor received payment for its production. Disclosure and ethics policy can be seen here.