Infrastructure company Space laboratorieswhich powers new technologies to redefine the consumer experience, announced Thursday that it has raised $10 million in a seed funding round led by blockchain capitala venture capital firm in the blockchain industry.
The round also saw the participation of Jay Zit is Marcy Venture Partnersbringing the company’s total funding to over $14 million.
What happened: The new capital will be used to support efforts to scale and diversify Spatial Labs’ proprietary blockchain-enabled technology stack, deepen the company’s footprint in the consumer goods landscape, and expand into other sectors, including media and entertainment.
It will also be allocated to a range of technical, business and strategic team development efforts targeting C-Suite executives.
Also Read: It’s Still Early, But Goldman Sachs Reveals Bitcoin Outperforms All Other Assets in 2023
These initiatives are intended to accelerate Spatial Lab’s consumer-centric product innovation and continued rapid growth, the company said.
Why it matters: “Our investment in Spatial Labs reflects our view that this technology presents an unprecedented opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephensfounder and managing partner of Blockchain Capital.
Iddris Sandufounder of Spatial Labs, said the company is designing next-gen technologies to connect brands with young people who buy and interact with products in completely new ways.
“Through our technology solutions, we empower brands with rich consumer data and revenue models that were previously inaccessible,” he said.
This is the second investment from Marcy Ventures Partners, following a $4 million fundraising round in 2021 to support the debut of Spatial Labs and the launch of LNQ, a chip platform that uses blockchain technology to authenticate products and unlock digital twins.
Additional investments have come from founders and seasoned entrepreneurs, including Ron Burkel (co-founder of Capital Yucaipafounder of Soho House band), brown scooter (Raised in VC Studio space), Antoine Tolliver (former NBA player, principal at Private equity), and Bobby Wagner (Seattle Seahawks linebacker and partner VC Studio Fuse Venture Partners).
Next: Hackers Promote Fraudulent Crypto Project on Robinhood’s Twitter Account: How Much Did They Get?
Photo via Pixabay.