M² (MSquared) is the name of the new network combining Web 3.0 and metaverses, developed by Improbable, which will allow virtual worlds to interconnect while allowing more than 10,000 people to meet simultaneously. Improbable announced that it has raised $150 million in the meantime in order to structure MSquared in the best possible way.
Improbable raises $150 million for Web 3.0
Improbable, a British company specializing in the development of technologies for metaverses and the virtual, has just raised $150 million to create “M²” (MSquared).
MSquared defines itself as the result of the interaction between blockchain and metavers, and promises interoperability between virtual worlds through its unique “Morpheus” technology, whether for video games, entertainment, music or fashion.
The round was conducted as part of a venture capital offering and was able to bring together 7 investors, including a16z and SoftBank Vision Fund 2, alongside CMT, SIG, Ethereal Ventures and Mirana.
For Herman Narula, Improbable’s CEO, Web 3.0 and metavers will revolutionize our lives as we know them:
“We founded Improbable to fulfill the promise of online worlds that were more than just games – they were extensions of our lives. I believe that the metaverse and Web 3.0 movement, while very early, represents a new definition of our society towards a ‘fulfillment economy’, where the experiments performed by an open network of creators and businesses can create enormous opportunities for everyone.”
Msquared promises to combine the Morpheus technology developed by Improbable with the interoperability of new services and Web 3.0.
Improbable, pioneer of online worlds
Since 2012, Improbable has been providing solutions to video game companies so that they can accommodate a larger number of simultaneous players. However, despite strong financial backing, as proven by its $502 million fundraising during 2017, Improbable arguably had the flaw of being in the industry too early.
Indeed, the company has had multiple setbacks, between the failure of several games and a significant turnover in the company’s leadership. Narula, the current CEO, admits that the company’s beginnings were uncertain, “its operation was more complicated than it needed to be,” he said.
But Improbable has evolved and so have virtual worlds. That’s why, last year, Improbable revealed “Morpheus”, a technological solution that allows to gather more than 10,000 people simultaneously in a virtual world.
This is a technological feat compared to well-known virtual worlds such as Fortnite, World of Warcraft or Call of Duty: Warzone, games focused on multiplayer with a number of players much lower than what Morpheus allows.
Moreover, metaverses, blockchain and NFTs are becoming increasingly successful, as evidenced by the figures for the year 2021: $25 billion in terms of volume for NFTs, or the $15,000 billion in cryptocurrencies that have passed through the platforms over the same year.
We could also mention The Sandbox and its partnerships with leaders in their field, such as Gucci, HSBC, Warner Music or more recently the French company Ledger. It seems that Improbable is well on its way to riding the wave of success of metaverses thanks to M², its new interoperability technology.