UK-based metaverse technology company Improbable has raised $150 million in funding to develop M2 (pronounced “M Squared”), a blockchain-enabled technology that allows different virtual worlds to interact with each other. The funding round was led by longtime Improbable investors, Andreessen Horowitz and SoftBank Vision Fund 2 alongside some of the Web3 and crypto investors including Mirana, DCG, CMT, SIG, and Ethereal Ventures.
In February, Improbable collaborated with Galaxy Digital as a financial advisor to explore strategic initiatives in the global metaverse ecosystem as the company continued to experience heavy losses. The gaming startup has been investing heavily in developing the Morpheus technology that allows multiplayer online games with up to 10,000 players in the same space. The company also claims the target market could reach over $100 billion across gaming and metaverse applications by 2025.
“I believe the metaverse and Web3 movement, though very early, represent a once-in-a-generation redefinition of our society towards a ‘fulfillment economy’ where experiences made by an open network of creators and businesses can create enormous opportunity for everyone,” said Herman Narula, CEO of Improbable. “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.”
Founded in 2012, Improbable’s M2 is an independent product that is the result of heavy investment in R&D towards Web3 technology over the last year.
Some of the investors said they believe Improbable to be one of the few global companies who can provide backbone infrastructure for the metaverse through the development of IP for next-gen technology for realizing virtual worlds. One such Improbable’s latest innovation is the M2 technology that enables developers to build and scale composable metaverse.
“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 excited to be actively working with some of the best investors in the space in building out this new ecosystem,” said Herman Narula, CEO of Improbable.
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