Last Thursday, Metaverse service provider XRSPACE secured roughly $25 million in a funding round to expand the platform’s bespoke immersive content offerings and satisfy audience demand for Metaverse services and content.
XRSPACE’s trusted partner Foxconn Technology Group is leading the funding round. Taiwan’s National Development Fund also assisted in providing XRSPACE with its capital.
The firm’s gained capital will allow XRSPACE to accelerate R&D into its platform’s live events and social experiences. Moreover, the funding will enable XRSPACE to include face tracking, motion tracking, 5G integration, RT3D live streaming, and AI-powered social content.
Moreover, XRSPACE’s funding enables new collaborations and partnerships with international brands, including those from Taiwan, China, Japan, and the US. The firm is attempting to drive the “next generation of consumer engagement in the Metaverse.”
A Digital Space for Brands and Creators
With a successful 2022 and 2023, XRSPACE aims to accelerate its platform’s vision based on previously found success stories.
For example, in partnership with Meta Taiwan and Taiwan’s Ministry of Culture, XRSPACE launched a Metaverse immersive experience based on the Beigang Chaotian Temple in Taiwan. The digital space attracted millions of international visitors, according to the firm.
XRSPACE also created Metaverse digital twins for Taiwan’s National Palace Museum and JuMing Museum. The digital museum has attracted roughly 20,000 visitors from over 1,200 educational institutions, thanks to help from the Department of Education in Taiwan.
Moreover, with XRSPACE’s trusted partner Foxconn – as well as Taipei Fubon Bank, Chunghwa Telecom and Asia Pacific Telecom – the firm created a series of enterprise-grade presentation and sharing capabilities for the Metaverse service.
XRSPACE also have an entertainment-focused Metaverse R&D division called PartyOn. Via its entertainment subdivision, XRSPACE is hosting live social experiences, which attract roughly 700,000 users across over 50,000 events that leverage user-generated RT3D content.
Moreover, in January 2023, XRSPACE partnered with Nana Music, a leading Japanese social music platform, to create immersive events on the Metaverse service. The partnership gives Nana Music’s ten million-strong user base an avenue to enjoy music events in immersive spaces with custom avatars.
In November 2022, XRSPACE partnered with the Taipei Pop Music Center to host a live and interactive virtual concert on the Metaverse platform.
Foxconn, XRSPACE Ink Deal to Boost Taiwan’s Global Position as a Metaverse Leader
In February, Foxconn inked a Memorandum of Understanding (MOU) with XRSPACE to boost the Metaverse platform and its integrated technology stacks.
The MOU deal also gives XRSPACE greater access to resources required for building a Metaverse infrastructure, allowing the firm to expand and optimise its digital products.
At the time of the MOU agreement, Peter Chou, the Chairman and Chief Executive of XRSPACE, added:
In order to create a bigger and better metaverse in the future, we need to combine cloud, AI, edge computing, 5G and storage. This is the key reason for this partnership. Foxconn has a clear vision [on the] metaverse. We believe there are so many things we can do to complement each other and work together to make the metaverse better.
Young Liu, Chairman of the Hon Hai Technology Group, also said it is fundamental to optimise Metavse frameworks over user end products. Liu mentioned that it is vital to boost “AR/VR, software, infrastructure, content and applications and addressing the increasing demand for cloud services and [a] more powerful server architecture.”
