Mytaverse raises $7.6M for enterprise metaverse platform

Mytaverse has raised $7.6 million for a platform that enables enterprises to launch metaverse applications.

Gaming companies aren’t the only ones with a newfound passion for the metaverse, the universe of virtual worlds that are all interconnected, like in novels such as Snow Crash and Ready Player One. Driven by tech leaders like Nvidia and its Ominverse simulation tools, enterprises are embracing the metaverse as a way to virtualize their businesses during the pandemic.

As the world reopens, people and businesses are in need of a solution to bridge the divide between physical and digital reality, Mytaverse said. Companies and their customers are struggling to align the experiences of in-person, hybrid, and remote interactions.

Mytaverse, officially launched in 2021, has already delivered business metaverse solutions for major brands such as PepsiCo, Zaha Hadid Architects, Dassault Aviation, and packaging manufacturer Tekni-Plex.

Blumberg Capital led the round, joined by Baselayer Ventures, Correlation Ventures, Accelerator Ventures, and others. David Blumberg, founder and managing partner of Blumberg Capital, is joining Mytaverse’s board of directors, as is JP
Milciunas from Baselayer Ventures.

“The pandemic was a catalyst for virtualization and the opportunities for innovation in the metaverse continue to expand,” said Blumberg, in a statement. “Mytaverse embodies the future of the virtual enterprise, where companies increase engagement and efficiency by creating compelling experiences in the metaverse,” said Blumberg, in a statement. “We are proud to partner with Kenny, Jaime, and the Mytaverse team as they help organizations unleash the potential of the business metaverse and bring transformative technology solutions to the enterprise and beyond.”

While the initial launch of the cloud-based platform focused on meeting rooms, conferences, training simulations, interactive large-scale events, and exhibition spaces, Mytaverse is building for new multi-dimensional and cross-platform use cases across brand engagement, non-fungible token (NFT) galleries, entertainment, human resources, and coworking, in a more sustainable and cost-effective manner.

“Our mission at Mytaverse is to empower, engage and embolden the interactions between brands, their customers, and partners,” said Jaime Lopez, chief technology officer and founder of Mytaverse. “We accomplish this by enabling our customers to deploy digital twins of their products in their own branded and photo-realistic, dynamic 3D setting. Mytaverse transcends borders and physical limitations by enabling anyone, anywhere, anytime to access the metaverse.”

The company said the beauty of the Mytaverse lies in its simplicity and the powerful, realistic user experience. No special hardware, goggles, or AR/VR devices are necessary for entering the cloud-rendered fully-immersive world. With just a device and a web browser, the Mytaverse experience begins. By engaging and interacting with brands and products, users feel like they are in the same physical space as company representatives.

“We are building the premium business metaverse, not to replace physical interactions, but rather to replace the cold and fatiguing digital interactions that we have all put up with for the past two years with something closer to the richness and connection of real human experience,” said Kenneth Landau, CEO of Mytaverse, in a statement.

He added, “Mytaverse enables people to share wonder, excitement, and joy as if they are connected face to face. After logging in, they get to experience what was once only possible in person within the Mytaverse experience, ensuring that our interactions are still meaningful and fully connected even when we are physically apart.”

The new funding will accelerate product development, expand sales and technology teams, and further deepen interactions with brands and support strategic partnerships. In particular, it will enable the launch of powerful new technology, including an automated platform solution giving enterprises the tools they need to build and manage their own spaces, 3D assets, and experiences in the metaverse.

On the product side, a new humanoid avatar creation tool will soon allow users to create a look-alike of themselves, further adding to the sense of being in a true-to-life metaphysical space. Users will gain a more refined sense of freedom, permitting them to do what they want, when they want, and from anywhere.

Landau and Lopez started the company in 2020.