RCS - Pires Investments - LandVault raises additional $3 million in funding
31/03/2023 07:00
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RNS Number : 8425U Pires Investments PLC 31 March 2023
31 March 2023
Pires Investments plc
("Pires" or the "Company")
LandVault raises additional $3 million in growth funding
Pires Investments plc (AIM: PIRI), the investment company focused on next
generation technology, is pleased to provide an update on its investment in
Sure Valley Ventures Fund 1 ("SVV1") in relation to LandVault, a company
within the SVV1 portfolio.
LandVault, a large metaverse builder, has successfully raised an additional $3
million after extending its Series B funding round. This strategic funding
from web3 investors including The Sandbox, The Gemini Frontier Fund, HodICo
and hedge fund Kingsway Capital, follows on from the company's $25 million
Series B fundraise in October 2021.
The proceeds of this fundraise are expected to be used to expand the growth of
the company's commercial operations across Dubai, Europe, Asia and the USA,
allowing more brands and organizations access to the metaverse. LandVault is
also currently building a protocol, Matera, to make the metaverse experience
more accessible, and this additional funding will further support the research
and design needed to create this. Finally, the funds will allow LandVault to
further invest in innovative technologies, such as AI-powered tools to
fast-track the monetization and creation of immersive virtual experiences.
Pires has a combined direct and indirect interest of circa 20% in SVV1, an
AI-focused venture capital fund which helps software companies grow and scale
their businesses in order to have global impact.
Nicholas Lee, Director of Pires, commented:
"We are pleased that LandVault has raised additional funding to continue to
develop its vision to accelerate the metaverse economy using AI technology.
"This is a good example of the progress that is being made by the companies
within the SVV1 portfolio."
Sam Huber, CEO of LandVault, commented:
"Our vision has always been to accelerate the metaverse economy, and the
advancement of AI technology is helping us fast-track our roadmap. The
metaverse needs a 'WordPress moment' for anyone to build virtual experiences
as easily as a website, and we are investing heavily in R&D to build these
tools."
Sebastien Borget, COO and Co-Founder of The Sandbox, commented:
"LandVault has established itself in just a year as one of the most active
metaverse builders. We are pleased to support them further on this journey as
they continue to develop their activities and technology to inspire many other
creators of the metaverse."
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Financial media and PR Tel: +44 (0) 20 3004 9512
Yellow Jersey
Sarah Hollins
Annabelle Wills
Jazmine Clemens
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company providing investors
with access to a portfolio of next generation technology businesses with
significant growth potential.
The Company is building an investment portfolio of high-tech businesses with
a focus on Artificial Intelligence, across areas such as Internet of Things,
Cyber Security, Machine Learning, Immersive Technologies and Big Data, which
the Board believes demonstrate evidence of traction and the potential for
exponential growth, due to increasing global demand for development in these
sectors.
For further information, visit: https://piresinvestments.com/
(https://piresinvestments.com/)
About LandVault
LandVault is the largest metaverse builder with over 100 million square feet
of virtual real estate, more than 120 full-time creators, and nearly 300
completed projects. We've been helping brands build and grow in gaming
environments since 2017 and the metaverse since 2021.
LandVault's platform-agnostic proprietary technology and creative powerhouse
builds and delivers tailored, data-driven, and optimized business solutions
and insights. We help clients launch, optimize, and monetize metaverse
experiences.
LandVault's mission is to accelerate the metaverse economy through technology
with a vision of a fairer wealth distribution across the web.
For further information, visit: https://landvault.io (https://landvault.io)
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