Improbable Raises $150 Million To Establish M² (MSquared), A Metavers Network And Ecosystem Powered By Its Morpheus Technology | News

LONDON–(BUSINESS WIRE)–April 7, 2022–

Improbable, the UK-based metaverse technology company, today announces that it has raised $150 million in funding to establish and grow M² (MSquared), an interoperable Web3 metaverse network powered by its Morpheus technology.

The global metaverse revenue opportunity is expected to reach $800 billion by 2024, according to Bloomberg Intelligence*, and has seen significant investment in recent months. However, the experiences available today either cannot support the large numbers of people or the rich interactivity needed to fulfill the promise of the metaverse – or are closed platforms unable to provide the level of sophisticated interoperability and governance expected by users and necessary to build investable virtual economies.

The M² Network will combine Improbable Morpheus technology with new services designed to support interoperability, digital asset trading and governance in Web3. It will bring together businesses, existing communities and fans of sports, music, fashion and entertainment and allow them to interact in dense virtual spaces with unprecedented fidelity. The network is designed to support integration with existing worlds as well as new projects. Improbable established M² as a separate entity to better enable governance in partnership with other businesses and eventually with its community.

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Improbable has spent almost a decade developing technology that enables ever-increasing complexity in virtual worlds: the company is a leading provider of multiplayer services to more than 60 global publishers and, through its simulation platform on a large scale, supports the UK government’s defense mission. Its Morpheus technology, an evolution of the company’s earlier SpatialOS product, supports more than 10,000 players, able to interact with each other in dense virtual spaces. The platform now processes over 350 million communication operations per second (or ops) and was first demonstrated in live events with thousands of players in 2021. In January 2022, Improbable announced his transformation to speed up in the metaverse.

Herman Narula, CEO of Improbable, said: We founded Improbable to deliver on the promise of amazing online worlds that were more than just games – they were extensions of our lives. I believe that the metaverse and the Web3 movement, although very early, represent a unique redefinition of our society towards a “fulfillment economy” where the experiences made by an open network of creators and companies can create enormous opportunities for everyone. M² is our contribution to establishing this future and we hope to help our partners to catalyze an open metaverse with many participants and success stories. We are excited to be actively working with some of the best investors in the industry to grow this new ecosystem.

“Giving people the tools to design their own metaverses at the scale Improbable enables, with web3 interoperability and composability to scale anyone’s creations, will result in truly groundbreaking virtual experiences,” said Chris Dixon, general partner at Andreessen Horowitz. “We’ve been a long-time supporter of Improbable, and under Herman’s leadership, the team is bringing its lofty visions to life.”

We believe that the core technology developed by Improbable enables social experiences unmatched in scale, resolution and fidelity for thousands of concurrent users.said Antoine Theysset, partner at SoftBank Investment Advisers. ” The emerging metaverse presents an opportunity for Improbable and its partners to collectively build a leading decentralized network to bring creators and fans together and reward each other with tokens for their contributions. We’ve partnered with Herman and the team throughout the evolution of Improbable and are excited to support them in building another foundational piece of the Metaverse.

“Improbable enables new kinds of shared, immersive experiences that will accelerate a wide variety of emerging user behaviors, many of which are already rooted in the Web3 world. These include fair player-governed communities, complex player-driven economies, and developer-powered open experiences. Improbable is the first team to succeed technically, on a large scale, in production. As core supporters of BitDAO, we are excited to support the Improbable team – and by extension all future gamers who will come to rely on Improbable’s technology – in the years to come,” commented Chris Kurdziel and Jon Allen of Mirana Ventures.

“Improbable’s technology can improve the number of concurrent users and complexity in the metaverse world by orders of magnitude. DCG is thrilled to partner with Improbable to make this experience the de-facto standard and drive metaverse adoption forward. – Matt Beck, Chief Investment Officer, Digital Currency Group.

“As the metaverse continues to evolve, we believe Improbable’s technology will be a core infrastructure component that redefines how users interact in this rapidly growing space,” said Charlie Sandor, investor at CMT Digital. “We are excited to support the Improbable team at this critical juncture and believe the interoperability offered by M² will enable mass adoption of unique metaverse experiences.”

The Metaverse is full of potential and promise, and we believe the pioneering technology created by Improbable will make it happen. We believe Improbable will help businesses create and connect exciting virtual worlds and enable meaningful virtual experiences.commented Sachin Jaitly, general partner at Morgan Creek Capital.

“Having developed IP to create breakthrough technology for realizing virtual worlds, Improbable is one of the few global players that can provide the backbone infrastructure for the metaverse. However Metaverse is defined, the latency and throughput powered by Improbable, coupled with the open developer ecosystem that encourages permissionless innovation, brings us closer to realizing the Metaverse vision we dream of. » – Min Teo, Managing Director, Ethereal Ventures.

“M²’s technology enables developers to build and scale composable metaverses, fulfilling a fundamental need of our founders at the Alliance Accelerator “said Imran Khan, contributor at AllianceDAO.

Among the investors supporting M² are also Saranac partners, a private firm for entrepreneurs and family capital, including Round13 DAF, Zinal Growth, the tech investment vehicle of Guillaume Pousaz, David E. Rutter.

*Bloomberg Intelligence calculates that the global metaverse revenue opportunity could approach $800 billion in 2024 across games, augmented reality, virtual reality, and opportunities in social, live, and entertainment events.

Improbable is a British metaverse technology company. Improbable partners with video game developers, entertainment companies, and defense and academic institutions to create powerful virtual worlds of unprecedented size and utility.

Find more news on improbable.io and sign up for updates at: https://partiesstakeholders.improbable.io/

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PUBLISHED: 07/04/2022 08:00/DISC: 07/04/2022 08:02

http://www.businesswire.com/news/home/20220407005101/en

Copyright BusinessWire 2022.

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