Futureverse Raises $54 Million in Funding to Build Metaverse Platform

Futureverse has raised $54 million in a Series A funding round to scale its platform that will enable developers and users to create and engage with interoperable content and applications within the metaverse.

The company’s technology suite features a range of artificial intelligence (AI) content creation tools to enhance the music, objects, characters and animations in the metaverse, Futureverse said in a Tuesday (July 18) press release.

“Futureverse combines next-level technological infrastructure and AI-driven content to create the open metaverse we all envision,” cofounders Aaron McDonald and Shara Senderoff said in the release. “With the help of our tremendous partners 10T and Ripple, we are excited to take the metaverse from an abstract idea to a tangible, accessible and interactive destination.”

Futureverse will use the new funding to advance the development of its Futureverse Platform and The Root Network, a blockchain and suite of protocols for building metaverse apps, games and experiences, according to the press release.

The company has already partnered with Ripple to integrate The Root Network with XRPL and support the use of XRP as a GAS token as well as the XLS-20 NFT standard, the release said.

The round was led by growth equity fund 10T Holdings, per the release.

Dan Tapiero, CEO and chief investment officer of 10T, said in the release: “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. We look forward to supporting Aaron and his experienced team as they continue to achieve significant real-world commercial traction and scale Futureverse’s capabilities and offerings.”

In another recent development around the metaverse, it was reported Thursday (July 13) that Bank of America is using the latest in AI, virtual reality and the metaverse to create an immersive learning experience for its employees.

These technologies are used to help train staffers about such things as calming an angry customer or remaining calm themselves during a robbery, Bloomberg reported.

About a month earlier, in June, retailer J. Crew unveiled an immersive shopping experience that includes 3D virtual stores that customers can effortlessly access from their smartphones or laptops.