Bristol, the U.K-based metaverse infrastructure company, Condense, raised USD 4.5 million on July 28, 2022. LocalGlobe, 7percent Ventures and Deeptech Labs led the financing for the firm. Angel investors such as Tom Blomfield, Grace Ladoja MBE and Ian Hogarth joined in the investment.
Purpose of funding for Condense
The metaverse infrastructure company intends to fuel its growth with the latest capital infusion. Meanwhile, Condense aims to expand operations and reach out to new markets.
Besides, the platform announced the launch of the world’s first metaverse studio in partnership with Watershed, Bristol’s cultural cinema and creative technology venue. Condense seeks to give established artists and emerging talent access to the technology. The company has plans to open another studio in London in partnership with another organisation. Moreover, the metaverse platform aims to launch more studios internationally.
What the founder has to say
Condense’s CEO and co-founder Nick Fellingham said, “The Bristol scene has long been a world-renowned melting pot of different cultures and music and, in the last few years, it’s become a hub for games development too. Now we’re going to put Bristol on the map once again with the world’s first metaverse live streaming studio to bring together the energy of live events with the massive scale of the metaverse. The Video 3.0 infrastructure we’ve built takes out the technical complexity of streaming live into the metaverse, so people are free to put their creativity in. Video 3.0 will change not just how we experience live events online, but fundamentally how we engage with each other.”
What the investors have to say
Miles Kirby, CEO of Deeptech Labs, said, “The metaverse requires new infrastructure, much of it breaking new ground and requiring next-generation machine learning and machine vision. Condense has the deeptech experience and vision to make the metaverse the number one destination for live events.”
In addition, Andrew Gault, founding partner of 7percent ventures, commented, “When I invested in Oculus nearly ten years ago, the dream was to deliver experiences that seamlessly merge the digital and the physical. Condense has now made that possible inside all video games and platforms, without the need for VR headsets. What they have built is already a reality, and it’s going to change the way the whole world engages online.”
Ziv Reichert, the partner at LocalGlobe, said, “Hundreds of millions of people are hanging out in immersive 3D platforms like Roblox, Rec Room, Fortnite, Sandbox, Decentraland and VRChat; attending virtual events, socialising and being creative. At the same time, player demand for live entertainment inside these virtual worlds has never been greater. Condense has built the infrastructure to connect the two – now music artists, sports stars and creatives can perform and play live in the metaverse, to the largest stadium audience imaginable.”
Grace Ladoja MBE, the co-founder of METALLIC INC and renowned artist manager, added, “Culture and community are what drives the music forward. It’s how we connect with where we’ve come from and where we want to go. Condense’s technology is opening up a new platform for these communities and cultures, diversifying the voices in the metaverse by making it live and accessible. It’s got the potential to inspire and empower a new movement of artists and fans. This is both exciting and significant.”
About the company
Nick Fellingham, Dr Ollie Feroze, Andy Littledale and Dan Fairs launched the company in 2019. Condense is the world’s first platform to provide the power, connection and immersiveness of live, real-world events into the metaverse. The company leverages computer vision, machine learning and proprietary streaming infrastructure to capture and embed a live 3D video (Video 3.0) into any metaverse game, mobile app or platform created with Unity or Unreal Engine.
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