Improbable, the UK-based metaverse technology company, is reportedly set to raise $100M in a new funding round from blockchain technology company Elrond, at a valuation of $3B.
According to Financial Times, the British multinational technology company posted a loss of £152M in 2021. The company has burnt through most of the money it had raised from investors since launching in 2012, reveals the report.
“We are now a financially sustainable business with a really interesting growth rate because we found product-market fit in a new sector,” Narula told the Financial Times.
“We are excited to invest and build together at a critical time when the value and utility of the metaverse are being defined and shaped,” says Beniamin Mincu, founder and chief executive of Elrond, to Financial Times.
According to Narula, the company will be profitable this year, including the asset sale proceeds. He also expects operating profitability to come in 2023.
Improbable’s latest funding round comes a few months after raising $150M in April led by SoftBank and Andreessen Horowitz to establish M2, a metaverse platform involving blockchain technology.
Founded in 2012 by Herman Narula, Peter Lipka, and Rob Whitehead, the British multinational technology company Improbable has for nearly a decade developed technology enabling ever greater 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 UK government defence mission.
Its Morpheus technology, an evolution of the company’s earlier SpatialOS product, supports over 10,000 players, able to interact with each other in dense virtual spaces. The platform now processes over 350 million communication operations per second (or ops) and was first demonstrated in live events with thousands of players in 2021. In January 2022, Improbable announced its transformation to accelerate in the metaverse.
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