UnlikelyThe UK-based metaverse technology company today announces that it has raised $ 150 million in funding to create and develop M² (MSquared), a network of interoperable Web3 metaverses powered by its Morpheus technology.
London, UK, April 7, 2022, 2pm GMT
According to Bloomberg Intelligence *, the metaverse global earning opportunity will be worth $ 800 billion by 2024 and has seen heavy investment in recent months. However, the experiences available today cannot support the vast numbers of people or the rich interactivity required to deliver on the promise of the metaverse or are closed platforms unable to provide the level of sophisticated interoperability and shared governance expected by users and required to build investable virtual economies. .
The M² network will combine Improbable Morpheus technology with new services designed to support interoperability, digital asset trading and governance in Web3. It will bring together businesses, existing communities and fans of sports, music, fashion and entertainment and enable them to interact in dense virtual spaces with unprecedented fidelity. The network was designed to support integration with existing worlds and new projects. Improbable has established M² as a separate entity to enable better governance in partnership with other companies and ultimately with its community.
Improbable has been developing technology for nearly a decade that allows for ever-increasing complexity in virtual worlds: the company is a leading provider of multiplayer services to over 60 global publishers and through its large-scale simulation platform supports the defense mission of the UK government. Its Morpheus technology, an evolution of the company’s previous SpatialOS product, supports over 10,000 players, capable of interacting with each other in dense virtual spaces. The platform now processes over 350 million communications operations per second (or operations) and was first demonstrated in live events with thousands of players in 2021. In January 2022, Improbable announced its transformation to accelerate into the metaverse.
Herman Narula, CEO of Improbable, said: “We founded Improbable to fulfill the promise of incredible online worlds that were more than just games – they were extensions of our lives. I believe that the metaverse and the Web3 movement, albeit very early on, represent a once-in-a-lifetime redefinition of our society towards a “realization economy” in which experiences made by an open network of creators and businesses can create enormous opportunities for all. M² is our contribution to establishing this future and we hope to help our partners catalyze an open metaverse with many participants and success stories. We are thrilled to be actively working with some of the best investors in the industry to build this new ecosystem. “
“Giving people the tools to design their own metaverses at the scale that Improbable allows, with web3 interoperability and composability to expand each other’s creations, will result in some truly revolutionary virtual experiences,” said Chris Dixon, general partner at Andreessen. Horowitz. “We are long-term supporters of Improbable and, under Herman’s leadership, the team is turning their lofty visions into reality.”
“We believe the underlying technology that Improbable has developed enables unrivaled social experiences in scale, resolution and fidelity for thousands of concurrent users,” said Antoine Theysset, partner of SoftBank Investment Advisers. “The emerging metaverse offers the opportunity for Improbable and its partners to collectively build a leading, decentralized network to bring creators and fans together and reward each other with tokens for their contributions. We have collaborated with Herman and the team throughout the evolution of Improbable and we are thrilled to support them in building another fundamental element of the metaverse. “
“Improbable is enabling new types of shared immersive experiences that will accelerate a wide variety of emerging user behaviors, many of which are already taking root in the Web3 world. These include player-driven fair communities, player-driven complex economies, and developer-based open experiences. Unlikely is the first team to make it technically, on a large scale, in production. As a major supporter of BitDAO, we are thrilled to support the Improbable team – and, by extension, all future players who will rely on Improbable’s technology – for years to come, “commented Chris Kurdziel and Jon Allen of Mirana Ventures. .
“Improbable’s technology can increase the number of concurrent users and complexity in the metaverse world by orders of magnitude. DCG is thrilled to partner with Improbable to make this experience the de facto standard and advance the adoption of the metaverse. ”- Matt Beck, Director of Investment, Digital Currency Group.
“As the metaverse continues to evolve, we believe Improbable’s technology will be a key infrastructure component that will redefine how users interact in this rapidly growing space,” said Charlie Sandor, Investor at CMT Digital. “We are thrilled to support the Improbable team at this critical time and believe that the interoperability offered by M² will enable the mass adoption of unique metaverse experiences.”
“The metaverse is full of potential and promise, and we believe the pioneering technology created by Improbable will do it good. We are confident that Improbable will help companies build and connect exciting virtual worlds and enable meaningful virtual experiences, ”said Sachin Jaitly, General Partner of Morgan Creek Capital.
“Having developed IP to create a revolutionary technology for building virtual worlds, Improbable is one of the few players globally capable of providing the backbone infrastructure of the metaverse. Regardless of their definition of the metaverse, latency and the throughput provided by Improbable coupled with the open developer ecosystem that encourages permissionless innovation, brings us closer to realizing the metaverse vision we dreamed of. ”- Min Teo, CEO, Ethereal Ventures.
“M² technology enables developers to create and scale composable metaverses, solving a critical need for our founders within the Alliance Accelerator,” said AllianceDAO contributor Imran Khan.
Tatiana Metodieva, CFA, Head of Corporate Finance and Investments at Nexo, also at the helm of Nexo Ventures: “The Nexo platform offers a unique combination of payment, loan and trading solutions involving digital assets. Through our partnership with Improbable, we aim to continue disrupting the traditional customer-facing model and aspire to position Nexo as the premier digital bank across interoperable metaverses. “
Investors supporting M² also include Nexo Ventures, Saranac Partners, a private office for entrepreneurs and family capital, Round13 DAF, Zinal Growth, the technology investment vehicle of Guillaume Pousaz and David E. Rutter.
* Bloomberg Intelligence estimates that the global metaverse revenue opportunity could be approaching $ 800 billion in 2024 through gaming, AR, VR and opportunities in social, live events and entertainment.
Improbable Worlds Secures £ 115.12 Series C Investment From Investors Including Andreessen Horowitz and SoftBank – UK Tech Investment News
Source link Improbable Worlds Secures £ 115.12 Series C Investment From Investors Including Andreessen Horowitz and SoftBank – UK Tech Investment News