Web3 infrastructure and hardware provider Spatial Labs said recently that a $10 million seed round led by Blockchain Capital, including Marcy Venture Partners, the company Jay-Z co-founded, has been closed.
“The metaverse to us is not a virtual space that people go to spend time in. It’s a world in which we can add more context to your real world and make your real world more enjoyable. We’re going to be responsible for catalyzing a completely new generation to be more conscious of their environment; more conscious of how they spend and how they buy.”
Iddris Sandu
About Seed Round
With this seed round, Sandu, now 25 years old, becomes one of the youngest Black males to raise a double-digit seed round. He already belongs to a rarified group.
According to Crunchbase data, only 1% of all venture capital funds were given to Black founders last year. Of the $21.5 billion that web3 businesses globally raised last year, $60 million went to Black web3 founders in the United States, one of which was Sandu.
He claimed that the closing of his round took about six months. When asked about raising money during the crypto winter, he noted that because Black founders continue to face funding discrimination, there is little difference between a bear market and a bull market.
“It’s always crypto winter being a Black founder.”
Sandu
What Will the Funding be Used for?
With the funding, Spatial Labs intends to develop its blockchain-based technology even further and penetrate new markets like media and entertainment. It also intends to introduce a product called Node later this year to shorten the time it takes to create and implement augmented reality experiences.
“We’re also thinking about reducing the barrier of entry into web3 and augmented reality using our chip technology.”
Sandu
About Spatial Labs
In order to develop augmented reality-based goods and shopping experiences, Iddris Sandu launched Spatial Labs in 2021. The platform is a provider of technical infrastructure that powers the Metaverse, the next generation of augmented reality, blockchain, omnichannel, and immersive experiences.
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