Funding of US$150M was raised by Improbable, a London-based company that develops metaverse technology.
Andreessen Horowitz led the round, SoftBank Vision Fund 2 followed by Mirana, DCG and CMT and SIG investors. Saranac Partners, Round13 DAF and Zinal Growth were also involved. David E. Rutter was the final investor.
The company intends to use the funds to establish and develop M² (MSquared), a network of interoperable Web3 metaverses powered by its Morpheus technology.
Improbable’s CEO Herman Narula is the head of this metaverse technology company. He partners with videogame developers, entertainment companies and academic institutions in order to enable virtual worlds. It offers multiplayer services to more 60 global publishers. The large-scale simulation platform also supports the UK government’s defense mission. Its Morpheus technology, an evolution of the company’s earlier SpatialOS product, supports over 10,000 players, able to interact with each other in dense virtual spaces. It now processes more than 350 million communication operations per seconds (or ops). The platform was demonstrated live in 2021 with thousands of players. Improbable, which announced its transformation to the metaverse in January 2022, made this announcement.
The M² network will combine Improbable Morpheus technology with new services designed to support interoperability, commerce in digital assets and governance in Web3. It will connect companies, fans, and existing communities in music, sports, and fashion, and allow them to interact in dense virtual environments with unparalleled fidelity. This network will allow for integration with existing worlds and new projects. Improbable has established M² as a distinct entity to better enable governance in partnership with other businesses and eventually with its community.