High Fidelity, the US-based social virtual reality (VR) platform developer backed by internet and technology group Alphabet, has raised $35m in its series D round.
Blockchain-focused investment firm Galaxy Digital Ventures led the round with a $20m investment through its Galaxy EOS Ecosystem Fund, participating alongside Breyer Capital, IDG Capital, Blockchain Capital and Vulcan Capital.
High Fidelity has built an open-source platform that enables users to create their own VR-based environments. The technology is scalable and users can move their personal avatars to any world that has been made using the platform.
The company has begun using blockchain technology to manage its users’ content rights, and blockchain is also the basis for High Fidelity Coin, the cryptocurrency that is used to buy and sell items on the platform.
Philip Rosedale, founder and chief executive of High Fidelity, said: “To reach this scale and to deliver safely on such a promise, VR must be decentralised, including deeply using blockchain technology.
“Galaxy Digital will guide us capably in adopting that technology and creating the right partnerships with the larger blockchain ecosystem, for example the EOS blockchain where we are currently beta testing integration.”
GV, the Alphabet subsidiary then known as Google Ventures, joined venture capital firm True Ventures to invest $2.4m in High Fidelity in 2013, before True Ventures added $2.5m the following year.
Vulcan Capital subsequently led the company’s $11m series B round in 2015, which was followed by a $22m series C co-led by IDG Capital and Breyer Capital in late 2016.