Quick take:
- Investors include Mark Cuban, Pixelynx and HOF Capital.
- Oorbit wants to unite different metaverse experiences in one place.
- The platform will launch in late 2022.
Emerging metaverse technology startup, Oorbit, announced today that it has closed a $5 million seed round. Participants in the raise include American billionaire investor Mark Cuban, Web3 venture Pixelynx and venture capital firm, HOF Capital.
Launching in late 2022, Oorbit is developing a proprietary technology that can unite different metaverse experiences on its platform, which removes entry barriers as it doesn’t require installations and downloads.
“Oorbit is demystifying the major technologies that will play the biggest role in the growth of Web3 and the metaverse; blockchain, cloud streaming, NFTs, fintech and more,” explains Ash Koosha, CEO and Oorbit cofounder. “We are combining the best parts of these complex technologies to enable episodic entertainment that is not just incredible but also approachable, for all audiences. This round of funding will support growth and platform expansion.”
The Oorbit platform enables users to experience high-quality interactive media, events, marketplaces, games and other metaverse content from its partners. Users can move seamlessly between streaming experiences with their unique digital identity with no extra hardware costs.
“As the metaverse moves from our imaginations into actual entertainment, experiences and products, Oorbit’s founders have created an innovative platform where developers, publishers and brands can create and more easily deliver their most compelling work,” says Mark Cuban, investor and entrepreneur. “Best of all, and core to their plan, Oorbit has put the user at the center of their technology so they enable games and even worlds that will delight all comers, and blaze a path for metaverse growth overall.”
Apart from investing in traditional businesses, Mark Cuban has become a big name in the Web3 sphere as he holds a portfolio of blockchain companies, cryptocurrency and NFTs. Cuban told CNBC in January that 80% of his investments are “in or around cryptocurrencies”, and he has been paying special attention to DAOs, which he is looking to invest in.
Pixelynx was founded in 2020 by electronic music producer deadmau5, techno DJ Richie Hawtin, Web3 company seven20 and techno music management agency Graphite Media. The gaming platform secured a $4.5 million seed round in December led by Animoca Brands, and aims to “blur the lines between music, blockchain and gaming.”
Pixelynx has partnered with Pokémon Go, Niantic’s Lightship SDK, to create an augmented reality music game with NFTs. It is also funding next-generation music and entertainment ventures via its incubation program, LynxLabs.
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