New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Now you knowRandomStartups

Metaverse Startup Ready Player Me Raises $56 Million in Series B Seed Funding

3 Mins read

The Metaverse also called the future of social interactions has garnered so much popularity and acceptance within the past two years. It is characterized by all immersive networking experience brought about by the integration of the virtual and real worlds with the use of VR (Virtual reality) MR (Mixed reality) and AR (augmented reality) wearable technologies.

Traditional and startup companies are cashing on this innovative technology to grow, expand and as well increase a lot of their businesses. The advent of othervtechnologies like blockchain, cryptocurrencies, and all others has opened new frontiers in the digital space.

Ready Play Me
Ready Player I is a cross-game avatar platform for the Metaverse. It allows users to create a 3D avatar with a selfie and use it in 600+ compatible apps and games. You can explore virtual worlds in VRChat, join meetings in MeetinVR, or stream to your fans using LIV – all with a personal avatar that represents you in virtual worlds. Developers can seamlessly integrate Ready Player Me into their apps and games using the free avatar SDK. It’s compatible with Unity and Unreal Engine and works great on the web, mobile, and desktop platforms.

Ready Play Me Series B Seed Funding
On Tuesday, the startup Ready Player Me (RPM), a 3D avatars Metaverse company announced that the firm has raised $56 million in a Series B funding round. The latest financing follows the company’s Series A announced in December 2021, when the team raised $13 million in a funding round led by Taavet+Sten.

The Series B financing for $56 million was led by a16z, and other participants include Roblox co-founder David Baszucki, King Games co-founders Sebastian Knutsson and Riccardo Zacconi, Hartbeat Ventures, Punk6529, D’Amelio family, Snowfro, Collab Currency, Plural, and Konvoy Ventures. Twitch co-founder Justin Kan also participated in the RPM Series B. RPM CEO Timmu Tõke believes that cross-platform connectivity will be the key to unlocking the metaverse.

“What will unlock the true metaverse experience is interoperability between games, worlds, and applications and a consistent identity for users across all experiences,” Tõke said on Tuesday. “We think it’s essential for virtual worlds users to create an avatar they love and buy avatar skins and accessories that work across the metaverse and are not stuck in one game. The RPM executive added:

This infusion of funds will allow Ready Player Me to continue scaling the avatar system to make it more flexible for developers, create new tools to help developers monetize with avatar assets, and build tools for individual creators to take part in the cross-game avatar marketplace.

RPM Partnerships
RPM has already formed partnerships with well-known companies which include firms like Adidas, Warner Brothers, Pull&Bear, and Dior. The startup is also working with Hiber, Mzaalo, the Nemesis platform, 8th Wall, and Pixelynx. RPM has also completed custom avatar infrastructure for corporate giants such as HTC, Verizon, Tencent, and Wargaming. Jonathan Lai, a general partner at a16z, said the investment company was “impressed by the team” and noted that a16z looks forward to working with RPM.

“Ready Player Me is loved by both developers and players as the largest platform for avatar-systems-as-a-service and is well on their way to building the interoperable identity protocol for the open Metaverse,” Lai explained during the announcement on Tuesday.

Ready Player Me’s financing follows a significant influx of popular brands and companies seeking to capitalize on the metaverse concept. This week the fund manager with $1.4 billion in assets under management (AUM), Invesco, launched a metaverse fund. Hong Kong University of Science and Technology is building a metaverse campus, and the University of Tokyo is offering engineering courses dedicated to metaverse technology.

During the second week of August, reports had shown Samsung signed a memorandum of understanding (MOU) with several metaverse startups. However, the metaverse has been criticized a great deal as well, as the concept has received flak from luminaries like the billionaire investor Mark Cuban and Ethereum’s co-founder Vitalik Buterin.

Metaverse is opening new frontiers into the digital space- with platforms like RPM and the likes, we are set to have all-inclusive and immersive social interactions.

205 posts

About author
We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
Related posts
Now you know

Website layouts you should explore in your design

3 Mins read
As a UI/UX and website designer, you will be faced with several decisions to make about which layout to choose for your…

Cortex Secures $35M In Series B Funding For It's Internal Developer Portal

2 Mins read
Cortex is a comprehensive platform designed to provide engineering teams with complete visibility and control over their microservices ecosystem. Its key features…
How TosNow you know

Understanding the technology behind File Systems

3 Mins read
Have you ever wondered how your computer stores and organizes all those amazing files? It’s all thanks to something called a “file…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply