Condense Opens Live Events Studio in the Metaverse After Securing $4.5M Funding

Metaverse infrastructure company Condense has announced the launch of a first-of-its-kind live events studio in the metaverse, alongside a $4.5 million seed round.
Image source: Condense

Quick take:

  • Metaverse infrastructure platform Condense has raised $4.5 million in a seed round led by LocalGlobe, 7percent Ventures and Deeptech Labs.
  • The company also announced the launch of its live events studio in the metaverse.
  • The streaming studio will capture and broadcast Video 3.0 live into the metaverse.

Condense has announced a $4.5 million seed round led by LocalGlobe, 7percent Ventures and Deeptech Labs. The metaverse infrastructure company also announced the first-ever metaverse-based live events studio.

The company said it will use the funds to beef up commercial relationships with artists, labels, content creators and metaverse platforms. Condense provides live 3D videos to metaverse games and platforms enhancing user experiences.

Condense’s technology will allow metaverse companies to stream live content from the real world inside their games and events, without the need for virtual reality (VR) headsets.

The company is tapping into one of the most exciting verticals in the metaverse space. Artists have leveraged the immersive 3D worlds to offer their fans a new way to experience their live music performances, while entertainment companies have been holding live concerts, enabling different cultures to showcase their products in the metaverse.

For instance, Korean entertainment giant Cube Entertainment teamed up with The Sandbox to bring K-Culture to the metaverse, including K-pop music.

Chinese tech giant Tencent recently revealed plans to bring concerts to the metaverse after experiencing success in its inaugural metaverse event held on New Year’s eve.

But Condense wants to make those experiences possible without wearing VR headsets, which will be a first in the industry.

Commenting on the announcement, Condense’s CEO and co-founder Nick Fellingham said: “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.”

Fellingham added that the Video 3.0 technology Condense has eliminated the need for VR/AR headsets when streaming live in the metaverse, thus removing one of the biggest obstacles to scaling the growth of the industry.

VR/AR headsets are not cheap and many metaverse enthusiasts could find it more feasible to be able to experience 3D live events without needing to wear one. Moreover, a recent VR test by Meta showed that spending too much time wearing VR headsets can take a toll on the user, thus limiting the duration one can remain engaged in a metaverse event.

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