Big name investors chip in to bulk up investment in new AR project.
Tiny Rebel Games, an award-winning developer of games and augmented reality experiences, today announced the Petaverse Network has raised $7 million in funding led by Fabric Ventures. The investment includes participation from an impressive and list of investors including Animoca Brands, Dapper Labs, CMT Digital, Sfermion, Spin Master, Skyvision, Fenbushi, A41, Fourth Revolution Capital, Double Peak, Pirata, 6th Man, Ready Player DAO, Triangle Capital, and Sterling Capital. All join existing investors 1UP Ventures.The Petaverse Network combines games, XR, and Web 3.0 to define an open standard for digital pets in the metaverse.
"We're backing Petaverse Network for quite a number of reasons, but we're particularly excited by their commitment to being an Open Standard,"
said Anil Hansjee, General Partner of Fabric Ventures.
"Their pets and platforms will be available for other projects to build on-to or inside-of, which is aligned with the Web3 principle of decentralization and will grow the sector for all."
The funding round also includes notable angel investors and web3 gaming industry veterans Nick Button-Brown (who joins the Board of Directors), Kristian Segerstrale (Super Evil Megacorp), Sebastien Borget (The Sandbox), and James Zhang (Concept Art House).
Funds will be used to accelerate the deployment of pet companions and pet varieties across the metaverse, develop new games and experiences, and further hire key developer positions. Pets will be usable across platforms, wherever and whenever you live your digital life, furthering the company’s vision for broad utility in web3. Petaverse Network will offer pets to bond with, train, and evolve based on their specific ‘DNA’ and the interactions users have with them.
Petaverse Network will introduce cats in Q2 2022, as its first drop of pet companions, followed by dogs later this year. The team creating the Petaverse Network has over 70 years of collective games, AR and VR development experience. They have also been selected by Qualcomm as an early access partner for Snapdragon Spaces and by Deutsche Telekom for their iOS Innovation Hubraum Program.
"As the hardware and software for extended reality products continues to advance, open metaverse projects like the Petaverse Network will deliver a truly inter-verse experience blending digital and real-life environments,"
said Yat Siu, Chairman of Animoca Brands.
"We are delighted that our grand vision for the future of pet ownership has been supported and validated by such an amazing syndicate of forward-thinking Web3 investors,"
says Susan Cummings, CEO Petaverse Network.
"We can't wait for pet fans to see the games and experiences we are building which will allow them to bring their virtual pets into all corners of their digital lives, beginning soon with cats."
"Our pets have been designed to give the sensation of having a real pet, while leaning in to the freedom of creativity that emerging platforms are allowing us to have,"
says Lee Cummings, Creative Director of Petaverse Network.
"We see them very much as having one paw in the universe and one paw in the metaverse... but most importantly, a pet you want to play with in either."