UK-based metaverse technology company Improbable is rumored to be funding $100M worth of business through Elrond, a blockchain company. Its current valuation is $3B.
The British multinational technology company reported losses of $152 billion in 2021 according to a report published by the Financial Times. Since launching in 2012, the company has burnt through most of the money investors had put up for their project.
Narula said the business became financially stable after finding a niche with high growth. He told the Financial Times that finding product-market fit proved instrumental in this process.
Elrond, the company headed by Beniamin Mincu, founder and CEO, is excited to build and invest during a critical time for the creation and definition of the metaverse’s value. The financial newspaper The FT quoted him as saying this.
Narula estimates the company will be profitable this year including proceeds from the sale of assets. He also predicts the company will be financially stable by 2023.
Just a few months after raising $150M in April, Improbable attracted another funding round in October led by SoftBank and Andreessen Horowitz for M2, an augmented reality platform powered by blockchain technology.
Improbable is a British multinational technology company founded in 2012 by Herman Narula, Peter Lipka, and Rob Whitehead. Its mission is to provide increasing levels of virtual reality through their technology, which is provided to over 60 global publishers; Improbable is also a leading provider of multiplayer services. The company’s large scale simulation platform is utilized by the UK government for a defense initiative.
Improbable’s Morpheus technology is an evolution of their SpatialOS product. It processes over 350 million communication operations per second, or ops, which supports over 10,000 players in highly dense virtual spaces. Morpheus was demonstrated in live events with thousands of participants in 2021. In January 2022, Improbable announced they would change their direction and accelerate into the metaverse.