Despite a cooldown in interest around the metaverse, some startups are continuing to develop technology and attract capital from investors. One of those companies is LandVault, which has secured an additional $3m (£2.4m) in funding to build virtual worlds for clients in the gaming secor.
The latest funding boost is an extension of a $25m (£20.2m) Series B investment in 2021. The London-based firm has attracted the financial support of key players in web3, including Sandbox, HodlCo, the Gemini Frontier Fund – the investment arm of the Winklevoss twins’ crypto company Gemini – and Kingsway Capital.
“Our vision has always been to accelerate the metaverse economy, and the advancement of AI technology is helping us fast-track our roadmap,” said LandVault CEO Samuel Huber.
“The metaverse needs a ‘WordPress moment’ for anyone to build virtual experiences as easily as a website, and we are investing heavily in R&D to build these tools.”
The company will put the new funds towards research and development (R&D), with the goal of completing its project, called Matera, which aims to make metaverse development more accessible.
LandVault also plans to invest in AI tools to move forward with the monetisation of its products.
“LandVault has established itself in just a year as one of the most active metaverse builders,” said Sebastian Borget, co-founder and COO of The Sandbox.
“We’re pleased to support them further on this journey as they continue to develop their activities and technology to inspire many other creators of the metaverse.”
The metaverse is a hypothetical version of the internet that is accessed by virtual reality headsets. At the end of 2021, Facebook rebranded to Meta to reflect its new focus on virtual and augmented reality. Startups rode this wave, attracting a record £150m in venture capital funding that same year.
Since then, interest in the metaverse has waned, while Facebook continues to invest billions of dollars despite the low takeup of the technology.
However, UK metaverse startups including Hadean and Improbable have continued to raise capital in the last six months.
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