High Fidelity, the virtual reality platform has received a USD 20 million investment boost thanks to Galaxy Digital, which is owned by Mike Novogratz, a hedge fun manager. This investment was the majority share in the Series D funding for the blockchain-based platform. It was announced by Philip Rosedale who is the CEO and co-founder of High Fidelity on the 28 June. He is also the founder of Second Life, the virtual world that helped produce more than USD 4 billion in it’s digital currency transactions.
High Fidelity is working on a software platform that will deliver social experiences for users through virtual reality. Their aim is for consumers to be able to exchange ideas through an open, shared interactive experience. They are working with a number of contributors to create location based virtual reality environments.
“Virtual reality may be the first killer app for blockchain. It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.” said Sam Englebardt, a founding partner of Galaxy Digital Ventures, in a statement. “That’s what the new generation of blockchain protocols like EOS enable, and High Fidelity has the vision, team and open platform to lead the worldwide transition from atoms to bits.”
Galaxy Digital will be aiding with the integration of the blockchain technology as well as developing the EOS blockchain and associated partnerships. Philip Rosedale has commented that in the future, consumers will be able to inhabit the software through virtual reality – participating in events and at school, as well as building new worlds.
High Fidelity has raised in excess of USD 70 million, with this round of funding netting USD 35 million from investors. These investors included Galaxy Digital through the Galaxy EOS Ecosystem Fund as well as Blockchain Capital entering as a new investor. Breyer Capital, IDG Capital Partners and Vulcan Capital made up the funding round and are existing partners of High Fidelity.
An expansion in research and development efforts, increased recruitment of new employees plus a new Seattle office will all benefit from the newly raised funds.