Ripple Invests in AI and Metaverse Startup
Futureverse, an unusual startup that bridges multiple industries, has successfully raised $54 million in a Series A funding round, according to a recent Bloomberg report by Hannah Miller. This unconventional company is a fusion of 11 different startups, each operating in sectors as diverse as blockchain, artificial intelligence, the metaverse, and gaming.
The funding round was spearheaded by crypto investment firm 10T Holdings, with participation from other investors, including FinTech firm Ripple Labs Inc.
According to Bloomberg, Futureverse’s journey to this point has been anything but ordinary. As co-founders Aaron McDonald and Shara Senderoff told Bloomberg, the company was initially formed through the merger of eight companies in late 2022, with three more joining later. This massive consolidation, coupled with the turbulence in the crypto market over the past year, made fundraising a complex process for Futureverse.
Despite the challenges, Futureverse has emerged stronger and more competitive. The company apparently underwent a restructuring process, which involved laying off about 20% of its staff. Now, with over 250 employees, Futureverse is well-positioned to weather market storms, as McDonald explained to Bloomberg.
One of Futureverse’s primary objectives is to develop the tech infrastructure that will underpin user experiences in the metaverse, as Senderoff shared with Bloomberg. The company is recognized for its innovative projects like FLUF World, an NFT collection featuring unique cartoon rabbits, and AI League, a FIFA-licensed mobile soccer game.
Despite the recent downturn in the popularity and value of technologies like NFTs and cryptocurrencies, Futureverse remains optimistic. McDonald emphasized to Bloomberg that while blockchain is an integral part of their business, it only constitutes about 10% of their tech stack. He also expressed his belief that the metaverse and AI will go hand in hand, suggesting that the current hype might be underplaying the potential impact.
As The Block reported earlier today, Ripple President Monica Long said in a statement.:
“We are excited to continue to support the Futureverse vision. While we’re at the earliest stages of what a project like this, and really the larger concept of the metaverse, can achieve, we at Ripple are thrilled to contribute to the foundational infrastructure layer and provide real utility to the end users of the open metaverse.“