XRSPACE Raises $25M to Accelerate Development of AI-powered Metaverse Experiences
In Brief
The round was led by Foxconn Technology Group in partnership with Taiwan’s National Development Fund.
XRSPACE is founded by Peter Chou, the former CEO of HTC.
The funding will be used to accelerate the development of 3D live and social experiences and AI-powered social engagement.
XRSPACE, the company building the next generation of social reality through XR in the metaverse, has raised $25 million in a funding round led by Foxconn Technology Group in partnership with Taiwan’s National Development Fund.
Foxconn Technology Group’s investment is the first of three tranches of funding from its $100 Million commitment announced in March 2022. Taiwan’s National Development Fund invested $10 Million through the Taiwan Creative Content Agency.
“This funding reflects strong confidence from investors in XRSPACE’s ability to innovate new metaverse experiences with a differentiated market approach, as well as a growing demand worldwide for brands to augment experiences into the metaverse and for consumers to connect in ways that go beyond physical boundaries,” the company said in a press release.
The fresh funding will be used to accelerate the development of the company’s R&D efforts in 3D live and social experiences, including live facial and motion tracking of user-driven avatars, 5G-powered real-time interaction, 3D live streaming, and AI-powered social engagement. Funds will also be used to build a number of partnerships in Taiwan, China, Japan, and the US and facilitate consumer engagement in the metaverse.
XRSPACE was founded in 2017 by Peter Chou, the former CEO of the Taiwanese consumer electronics company HTC. In 2020, the company launched its first product, a VR headset dubbed XRSPACE Manova, followed by complementary apps PartyOn and GOXR in 2021.
Through PartyOn, the company’s virtual music event platform, more than 700,000 users have joined over 50,000 user-generated parties in the XRSPACE-powered metaverse. Users can also customize their own full-body 3D avatars that track their body motions.
Last September, XRSPACE’s business-focused GOXR platform partnered with ith Meta Taiwan and Taiwan’s Ministry of Culture to launch a metaverse experience for the Beigang Chaotian Temple in Taiwan. It has also brought over 1,200 educational institutes and over 200,000 visitors and students into the metaverse in partnership with the Department of Education in Taiwan.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
