Quick take:
- XRSPACE has announced a $25 million funding round led by Foxconn Technology Group.
- Taiwan’s National Development Fund invested $10 Million.
- The company will use the fresh capital for R&D in the next generation of 3D live and social experiences.
XRSPACE has announced a $25 million funding round led by Foxconn Technology Group. This was the Taiwanese tech manufacturer’s first investment of three tranches of a $100 million commitment announced in March 2022.
On the other hand, Taiwan’s National Development Fund invested $10 Million through the Taiwan Creative Content Agency.
XRSPACE offers a socialised metaverse experience as it seeks to change how people connect, work, and play. Dubbed XRSPACE MANOVA, users must wear the virtual reality headset to connect with each other through the complementary apps PartyOn and GOXR.
The company was founded by Peter Chou in 2017, but it wasn’t until May 2020 that it debuted its first product, XRSPACE MANOVA. PartyOn and GOXR were launched a year later in 2021.
Commenting on the fundraising, XRSPACE said it “shows strong confidence from investors in XRSPACE’s ability to innovate new metaverse experiences with a differentiated market approach.”
Chou previously founded and led the Taiwanese technology giant HTC. Since launching the XRSPACE MANOVA headset, his new company has become one of the leading metaverse platforms in the world. According to XRSPACE, over 700,000 users have joined over 50,000 user-generated parties on PartyOn, while the GOXR platform has attracted over 1,200 educational institutes and over 200,000 visitors.
The company wants to take live 3D and social experiences in the metaverse to the next level. According to the announcement, the funds will be used to add new features and improve existing ones including live facial and motion tracking of user-driven avatars, 5G-powered real-time interaction, 3D live streaming, and AI-powered social engagement.
XRSPACE is also looking to widen its presence through partnerships. The company will look to partner with innovative companies in Taiwan, China, Japan, and the US, as it seeks to spur the growth of the next generation of consumer engagement in the metaverse.
Earlier in 2023, XRSPACE partnered with Japan’s top social music platform nana music, extending the interactive music service to the metaverse. And in November, it collaborated with Taipei Pop Music Center to host the world’s first live and interactive virtual concert.
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