Infinite Reality, a company building an engine for creating immersive web content underpinned with WebXR support, announced it has raised a whopping $3 billion to continue building the company’s “vision for the next generation of the internet.” Not only is this a huge fundraising round, such an investment coming from a single private investor is highly uncommon.
Founded in 2019, Infinite Reality’s flagship product is iR Studio, an engine for building immersive websites that represent visitors as avatars in a virtual environment. iR Studio sites support multi-user and WebXR by default, meaning sites built with the engine can be visited in any XR headset that supports WebXR, directly through a web browser.
The company announced today that it has raised $3 billion in additional funding, bringing its valuation to $12.25 billion. For comparison, a ‘unicorn’ (a startup valued at $1 billion) is a commonly cited benchmark for a highly successful tech startup. That makes Infinite Reality’s $12.25 billion valuation quite rare.
Even rarer, however, is that this $3 billion investment was purportedly made by a single private investor. While there are often $1+ billion investments or acquisitions in the tech world, the money usually comes from an investment firm, a major corporation, or a combination of the two, rather than an individual.
The investor is said to have a portfolio that “focuses on global technology and real estate investments.”
While the identity of the investor has not been disclosed, the sheer amount of the investment likely whittles the list of possible investors down to someone among the 1,000 wealthiest people in the world.
Ashcroft Law Firm, the firm representing the investor in the deal, provided a statement on the client’s behalf:
Our client has made and evaluated several investments in the technology sector. What compelled this investment was not just [Infinite Reality CEO’s] stated vision for the product itself, but his commitment to giving customers ownership of their data. As everyone understands, it is a crucial time for businesses of all sizes to own their data, customers, and intellectual property as AI gains momentum in the marketplace. Recognizing the significance of scalability and mass marketability, our client was particularly impressed by what he believes is iR’s revolutionary product, which caters to individuals and artists seeking to build their brand image with immediate global reach while servicing clientele from small businesses to Fortune 500 companies. It is our client’s belief this investment underscores a pivotal move towards empowering users and redefining ownership in the digital age.
From Infinite Reality’s side, the company says the funding is a win for building a next-generation immersive internet and giving businesses control of their own data.
“While we are excited that our ability to secure this level of funding validates our mission to build an immersive experience platform that will power the next generation of the web, we are absolutely ecstatic to share this news with our customers: businesses all over the world,” says John Acunto, co-founder and CEO of Infinite Reality. “The ability to provide them a platform where they can not only create a great immersive environment, but one where they own their data, own their customer, and own their experience means the world to Infinite Reality—and to me personally.”
Despite its focus on the immersive web, and considering the amount the company has raised, Infinite Reality is not particularly well known in the XR space. In fact the company has seemingly grown into its own little conglomerate, having made several acquisitions of its own over the years.
On one hand, the company has made strategic acquisitions like the AR tech company Zappar, avatar company Action Face, and the immersive web company Ethereal Engine. But the company has also made a series of seemingly disjointed acquisitions like the entertainment and esports business RektGlobal. And, further afield still, the acquisition of the Drone Racing League.
The huge investment by a private investor and Infinite Reality’s assimilation of several different companies certainly make for a unique—but uncertain—situation.
