China 3D content platform Xverse raises $120m

Temasek Holdings and CPE came in as new investors, while existing backers Gaorong Capital, 5Y Capital and GL Ventures re-upped. It follows a USD 40m angel round last year from Tencent Investment, GL, 5Y, and Gaorong.

Also known as Yuanxiang, Xverse was established in 2021 with a view to building operating systems for Web3.0 - or the metaverse - and becoming an important content provider. It is creating a platform for 3D content production and consumption aimed at entertainment, social networking, marketing, and e-commerce clients.

The company is also working on infrastructure and tools for more general use. These include a life-size 3D office.

Xverse believes that the rise of metaverse applications will increasingly blur the line between virtual reality and the real world, creating opportunities for 3D content developers. Meetings, social interactions, and learning scenarios will move to virtual settings, while 3D printing and NFTs facilitate the transfer of data to the real world.

“In this decentralized ecology, we connect hardware, software and users, hoping to intermediate creative processes from ideas to designs, so that the distance between users and the virtual world is almost zero,” according to the company's website.

Metaverse is becoming an increasingly prevalent investment theme in China and across the region. In January, 5Y and Gaorong re-upped in a USD 100m Series B for Parametrix.ai, an artificial intelligence gaming company with metaverse applications.

 

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• Topics
• Greater China
• Early-stage
• Technology
• Consumer
• China
• Sequoia Capital
• Temasek Holdings
• CPE Capital
• Gaorong Capital
• 5Y capital
• GL Ventures