Metaverse Startup Raises $54 Million From Investors Including Ripple

and artificial intelligence startup Futureverse recently concluded its Series A round where it raised a whopping $54 million at an undisclosed valuation. The funding round was led by crypto investment firm 10T Holdings and drew investment from crypto giant Labs as well. Futureverse boasts a suite of proprietary AI content generation tools designed to enhance the metaverse.

According to a report by Bloomberg, Futureverse founders Aaron McDonald and Shara Senderoff refused to reveal their metaverse startup’s valuation following the funding round. Their startup combines 11 metaverse infrastructure and content companies from sectors, including blockchain, artificial intelligence, the metaverse, and gaming.

Among Futureverse’s notable products are an NFT collection called FLUF World and a FIFA-licensed mobile soccer game called AI League. The metaverse startup is also gearing up to launch the first artificial intelligence-powered boxing game.

“Futureverse has developed an immersive and vertically-integrated metaverse platform that acts as an AI technology provider, metaverse infrastructure builder, layer 1 architect, creative studio, and digital community all-in-one,” stated Dan Tapiero, Chief Executive Officer and Chief Investment Officer of 10T.

Futureverse plans to use the investment gathered in the latest funding round to develop its comprehensive technology. This will include a particular focus on The Root Network, which is a blockchain and suite of protocols with ready-made runtimes for building next-generation metaverse apps. The Root Network is already integrated with XRP Ledger as part of Futureverse’s previous partnership with Ripple.

Following the turmoil in the crypto market over the past year, Futureverse had to restructure, which led to about 20% of its workforce being laid off. The metaverse startup currently has over 250 employees, which co-founder Aaron Mcdonald believes will give it more stability and resilience to weather the crypto winter.