$25 Million Fund Raised As Spatial Switches Focus To Metaverse Events

Spatial Systems Inc., a company formerly known for creating a VR collaboration platform, has announced a dramatic shift in the direction of its future endeavours. With the aid of a $25 million fundraise, the company will now focus on making its platform as the metaverse for cultural events such as NFT exhibitions, conferences, and branded experiences. Investors include Pine Venture Partners, Maven Growth Partners, Korea Investment Partners, KB Investment, Mirae, and Balaji Srinvasan.

As part of its shift in focus, Spatial has begun allowing the use of blockchain technology on its platform. The platform is now capable of supporting virtual NFT galleries, which will allow digital artists to set up their own galleries for visitors to virtually immerse themselves in. The limitless nature of Spatial’s VR technology also means that users can easily alter and customize their galleries, and the augmentation of blockchain technology allows visitors to purchase NFTs directly from the app.

Spatial’s decision to switch focus was not something they explicitly set out to do, but rather, it was a decision made after it became apparent that its users were using the platform as a springboard for cultural gatherings once it was made free and compatible on web and mobile. Jacob Loewenstein, Head of Business at Spatial, stated: “The cultural-events metaverse isn’t something we thought of. It’s something our users thought of and brought to us.”

Spatial have also begun offering limited-edition, purpose-built NFT environments to users who wish to own their own piece of the metaverse as NFTs themselves. The environments are curated by designers Polycount and Reno in collaboration with development lab, Meshed. Visit Spatial’s website to view them.

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