British multinational Improbable has raised $150 million in its latest funding round to develop M²(MSquared).
M² is a network of interoperable Web3 metaverses and will use Improbable’s Morpheus Technology. The technology is being developed to provide people with the “rich interactivity necessary to fulfill the metaverse’s promise”.
“M² is our contribution to establishing this future and we hope to help our partners catalyse an open metaverse with many participants and success stories”, said Herman Narula, CEO of Improbable.
The funding round was led by Andreessen Horowitz and SoftBank Vision Fund 2 along with investments from Mirana, Digital Currency Group, CMT, SIG and Ethereal Ventures and a few others.
“We are excited to be actively working with some of the best investors in the space in building out this new ecosystem” continued Herman.
The network aims to support more than 10,000 players and enable interactions in dense virtual spaces.
The main aim of M² will be building link bridges between various metaverse worlds, that is establishing interoperability between metaverses.
The network will also support integration with existing as well as new projects. It will allow trading in digital assets and a Web3 style governance.
“Giving people the tools to design their own metaverses at the scale that Improbable enables, with web3 interoperability and composability to expand on each other’s creations, will result in some truly groundbreaking virtual experiences,” said Chris Dixon, general partner at Andreessen Horowitz.
Improbable has been a virtual world tech developer for nearly a decade and provides multiplayer services to over 60 global publishers. The company also supports the UK government’s defense mission through its large scale simulation platform.
Improbable announced its plans to develop the metaverse in January 2022.
Metaverse has potential of a magnitude which we cannot even begin to imagine. Since its inception there has never been a dull day for the immersive and ever-evolving technology.
Popular brands such as Adidas have entered the metaverse to expand their consumer base whereas on the other hand singers are hosting virtual concerts on the metaverse and selling music NFTs.
