- Mawari has raised $6.5 million in an oversubscribed seed round led by Blockchange Ventures and Decasonic.
- The company is building a decentralised streaming network dubbed the “MP3 of AR”.
- Abies Ventures, Accord Ventures, Anfield Ltd., Outlier Ventures, and Primal Capital also participated in the round.
Mawari has announced a $6.5 million funding round co-led by Blockchange Ventures and Decasonic. The oversubscribed seed round also attracted participation from Abies Ventures, Accord Ventures, Anfield Ltd., Outlier Ventures, and Primal Capital.
The extended reality (XR) startup said it is building a decentralised streaming network that has been hailed as the “MP3 of AR”. The company has said it has been at the forefront of cloud-rendering and XR-streaming technologies since 2017.
Mawari plans to use the funds to expand its research and development team, and ramp up the development of the Mawari Network.
Mawari Network is a decentralised XR content delivery network built on the principles of web3 technology. The platform will be powered by Mawari Engine, an in-house interactive 3D rendering and streaming technology.
Commenting on his company’s leading role in the fundraising, Paul Hsu, Founder and CEO of Decasonic said: “Mawari has developed a fundamental backbone technology that delivers the highest quality augmented-reality content in the Web3 and metaverse era, significantly evolving the community environment and experience.”
On the other hand, Mawari founder and CEO, Luis Oscar Ramirez Solorzano commented: “The trillion dollar opportunity represented by XR will not be realized until consumer-grade content can be efficiently streamed simultaneously to large numbers of mobile devices. There is no infrastructure today that can enable this. This is what we are building.”
The company holds a patent-pending 3D Streaming CODEC, that will help solve some of the biggest problems facing XR streaming platforms. Mawari’s proprietary technology allows it to deliver XR content fast and at a scale.
Ken Seiff, Managing Partner of Blockchange Ventures lauded Mawari’s decentralised 3D streaming for being also cheaper compared to traditional XR streaming platforms.
“We were initially drawn to the Mawari team by their vision for leveraging decentralized compute with all the implications for spreading the technology broadly and making it more accessible to a much larger market. Then we learned from customers and partners that they were using Mawari simply because it was better. We love Mawari’s combination of forward vision and present practicality,” added Seiff.
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