Condense, an English-based metaverse company, raised $4.5million in its last seed round. The company produces technology that allows streaming events to virtual reality apps. Condense received funding from Localglobe and 7percent Ventures. The funds will be used to improve its relationship with content creators, artists, metaverse platforms, and labels in order to expand its reach to more businesses.
To Deepen Metaverse Streaming Adoption, Condense Raised $4.5 Million
Condense, an English-based company offering metaverse streaming technology from Bristol, announced that it had raised $4.5million in its recent seed financing round. Localglobe Ventures and Deeptech Labs led the funding round. This will allow Condense to establish deeper relationships with labels and content creators as well as metaverse platforms in order to fully implement its metaverse plan.
Condense’s proposal is considered an “infrastructure as a service” business, meaning that the company provides transmission services charged by time, and returns 3D data that allows any metaverse world using engines like Unity or Unreal Engine, to display a real-world venue as it is in reality. This allows any person to enjoy the real event as though they were at the stadium or venue where it was happening. This is referred to as “Video 3.0” by Condense.
Covid-19 and virtual reality were the catalysts for the creation of the company in 2019. SFC Capital led a seed round that saw the company receive $820,000.
Metaverse Streaming Studio
Condense CEO Nick Fellingham stated that he was planning to build a metaverse study in Bristol. He stated the following:
The Bristol scene has long been a world-renowned melting pot of different cultures and music and, in the last few years, it’s become a hub for games development too. Now we’re going to put Bristol on the map once again with the world’s first metaverse live streaming studio to bring together the energy of live events with the massive scale of the metaverse.
Another focus of the metaverse is to turn real-world venues and events into virtual worlds. The company worked with BT in the past to bring its technology to the transmissions. The success of these technologies depends on the widespread adoption of VR headsets such as the Meta Quest. This is used also by Meta to provide access to Horizon Worlds, its main metaverse app.
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