Mytaverse to build metaverse platform for enterprises, receives $7.6M in Seed funding

Next-generation cloud-based enterprise metaverse platform Mytaverse has raised $7.6 million in Seed funding to support the development of metaverse enterprises. Among the investors are Blumberg Capital, and Baselayer Ventures, the company announced in a press release on April 18.

Mytaverse explained the funding was set to expand the company’s initial objectives of a cloud-based platform with a primary focus on online infrastructures, including meeting rooms, conferences, and interactive events. They said they aimed to build an entirely new multi-dimensional and cross-platform space.

“Our mission at Mytaverse is to empower, engage and embolden the interactions between brands, their customers, and partners,” Mytaverse CTO and co-founder Jaime Lopez said.

“We accomplish this by enabling our customers to deploy digital twins of their products in their own branded and photo-realistic, dynamic 3D setting. Mytaverse transcends borders and physical limitations by enabling anyone, anywhere, anytime to access the metaverse.”

Mytaverse objectives

The company and its key investors said they put heavy emphasis on a digital innovation that emerged due to the pandemic. Through this innovation, they said they wanted to allow virtualization to slowly yet steadily be introduced in the market.

The company said they were aware that digital needs are a necessity nowadays as people around the world had shifted their social interactions to both hybrid and remote settings due to the pandemic. The company said it positioned itself as a digital solution provider to other companies or entities struggling to bridge the digital and physical worlds.

“The pandemic was a catalyst for virtualization and the opportunities for innovation in the metaverse continue to expand,” Blumberg added. “Mytaverse embodies the future of the virtual enterprise, where companies increase engagement and efficiency by creating compelling experiences in the metaverse.

“We are proud to partner with Kenny, Jaime, and the Mytaverse team as they help organizations unleash the potential of the business metaverse and bring transformative technology solutions to the enterprise and beyond.”

That being said, the company insisted that its initial objectives transversed beyond those aspects in a “sustainable and cost-effective manner”. They said they aimed to cover entertainment, human resource, coworking, brand engagement, and even NFT galleries.

The company added that its metaverse experience would be easily accessible, saying “the beauty of the Mytaverse lies in its simplicity and the powerful, realistic user experience”.

Future plans

Mytaverse said that its plan as a digital solution provider was not to replace physical interactions with digital experience, but to instead bridge the two worlds.

“We are building the premium business metaverse, not to replace physical interactions, but rather to replace the cold and fatiguing digital interactions we have been stuck with, with something closer to the richness and connection of real human experience,” Mytaverse CEO and co-founder Kenneth Landau explained.

“Mytaverse enables people to share wonder, excitement, and joy as if they are connected face to face. After logging in, they get to experience in the Mytaverse what was once only possible in person, ensuring that our interactions are still meaningful and fully connected even when we are physically apart.”

The company was optimistic that the funding would give birth to new technologies and automated platforms for enterprises to build and manage their own digital experience through Mytaverse.

Mytaverse said that in the future users would be able to create an exact digital replica of themselves, ensuring a certain sense of being in the digital space.