Despite the waning interest in the metaverse, some start-ups continue to develop the technology and raise money from investors. His one of those companies is LandVault. LandVault has secured an additional $3 million (£2.4 million) of his funding to build virtual worlds for gaming industry clients.
The latest round of funding is a continuation of a $25m (£20.2m) Series B investment in 2021. Winklevoss is a division of twin crypto companies Gemini and Kingsway Capital.
LandVault CEO Samuel Huber said:
“The Metaverse needs a ‘WordPress moment’ where anyone can build virtual experiences as easily as a website, and we are investing heavily in research and development to build these tools. ”
The company will put new funding into research and development (R&D) with the goal of completing a project called Matera, which aims to make Metaverse development more accessible.
LandVault also plans to invest in AI tools to further monetize its products.
Sebastian Borget, co-founder and COO of The Sandbox, said:
“We are delighted to further support them on this journey as they continue to develop their activities and techniques to inspire many other creators in the Metaverse.”
The Metaverse is a virtual version of the internet accessed by virtual reality headsets. At the end of 2021, Facebook will rebrand to Meta to reflect its new focus on virtual and augmented reality. Startups rode the wave and he raised a record £150m in venture capital that same year.
Since then, interest in the Metaverse has waned, and Facebook continues to invest billions of dollars in the technology despite its low utilization.
However, UK metaverse startups such as Hadean and Improbable have been raising funding for the past six months.