Business
LandVault raises additional $3 million in funding
LandVault raises additional $3 million in funding.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n 31 March 2023\n \n \n \n Pires Investments plc\n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n LandVault raises additional $3 million in growth funding\n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to provide an update on its investment in Sure Valley Ventures Fund 1 (\"SVV1\") in relation to LandVault, a company within the SVV1 portfolio.\n \n \n LandVault, a large metaverse builder, has successfully raised an additional $3 million after extending its Series B funding round. This strategic funding from web3 investors including The Sandbox, The Gemini Frontier Fund, HodICo and hedge fund Kingsway Capital, follows on from the company's $25 million Series B fundraise in October 2021.\n \n \n The proceeds of this fundraise are expected to be used to expand the growth of the company's commercial operations across Dubai, Europe, Asia and the USA, allowing more brands and organizations access to the metaverse. LandVault is also currently building a protocol, Matera, to make the metaverse experience more accessible, and this additional funding will further support the research and design needed to create this. Finally, the funds will allow LandVault to further invest in innovative technologies, such as AI-powered tools to fast-track the monetization and creation of immersive virtual experiences.\n \n \n \n \n \n Pires has a combined direct and indirect interest of circa 20% in SVV1, an AI-focused venture capital fund which helps software companies grow and scale their businesses in order to have global impact.\n \n \n \n Nicholas Lee, Director of Pires, commented:\n \n \n \n \"We are pleased that LandVault has raised additional funding to continue to develop its vision to accelerate the metaverse economy using AI technology.\n \n \n \"This is a good example of the progress that is being made by the companies within the SVV1 portfolio.\"\n \n \n \n Sam Huber, CEO of LandVault, commented:\n \n \n \n \"Our vision has always been to accelerate the metaverse economy, and the advancement of AI technology is helping us fast-track our roadmap. 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.\"\n \n...