Spatial Labs, a web3 infrastructure and hardware company, has secured a $10 million seed funding round led by Blockchain Capital and with participation from Marcy Venture Partners, co-founded by Jay-Z.
The company, founded in 2021 by the Ghanaian-American venture builder, Iddris Sandu, aims to create products and shopping experiences through augmented reality. Last year, Spatial Labs gained recognition in the industry by selling clothing embedded with a microchip called LNQ, which provided customers with the item’s history and ownership details recorded on the blockchain.
“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,” Sandu said. “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 buy.”
With the new funding, the company plans to expand its blockchain-enabled technology and branch out into other industries, such as media and entertainment. Additionally, Spatial Labs aims to launch a device called Node later this year to simplify developing and deploying augmented reality experiences. They also plan to use chip technology to lower the barrier of entry for web3 and augmented reality.
Source: Techcrunch
