LandVault raises additional $3 million in funding

RNS Number : 8425U

Pires Investments PLC

31 March 2023

 

31 March 2023

Pires Investments plc

("Pires" or the "Company")

LandVault raises additional $3 million in growth funding

Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to provide an update on its investment in Sure Valley Ventures Fund 1 ("SVV1") in relation to LandVault, a company within the SVV1 portfolio.

LandVault, a large metaverse builder, has successfully raised an additional $3 million after extending its Series B funding round. This strategic funding from web3 investors including The Sandbox, The Gemini Frontier Fund, HodICo and hedge fund Kingsway Capital, follows on from the company's $25 million Series B fundraise in October 2021.

The proceeds of this fundraise are expected to be used to expand the growth of the company's commercial operations across Dubai, Europe, Asia and the USA, allowing more brands and organizations access to the metaverse. LandVault is also currently building a protocol, Matera, to make the metaverse experience more accessible, and this additional funding will further support the research and design needed to create this. Finally, the funds will allow LandVault to further invest in innovative technologies, such as AI-powered tools to fast-track the monetization and creation of immersive virtual experiences.

Pires has a combined direct and indirect interest of circa 20% in SVV1, an AI-focused venture capital fund which helps software companies grow and scale their businesses in order to have global impact.

Nicholas Lee, Director of Pires, commented:

"We are pleased that LandVault has raised additional funding to continue to develop its vision to accelerate the metaverse economy using AI technology.

"This is a good example of the progress that is being made by the companies within the SVV1 portfolio."

Sam Huber, CEO of LandVault, commented:

"Our vision has always been to accelerate the metaverse economy, and the advancement of AI technology is helping us fast-track our roadmap. The metaverse needs a 'WordPress moment' for anyone to build virtual experiences as easily as a website, and we are investing heavily in R&D to build these tools."

Sebastien Borget, COO and Co-Founder of The Sandbox, commented:

"LandVault has established itself in just a year as one of the most active metaverse builders. We are pleased to support them further on this journey as they continue to develop their activities and technology to inspire many other creators of the metaverse."

Enquiries:

Pires Investments plc Nicholas Lee, Director	Tel: [phone]
Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams	Tel: [phone] Tel: [phone]
Financial media and PR Yellow Jersey Sarah Hollins Annabelle Wills Jazmine Clemens	Tel: [phone]

Notes to Editors

About Pires Investments plc

Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.

The Company is building an investment portfolio of high-tech businesses  with a focus on Artificial Intelligence, across areas such as Internet of Things, Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.

For further information, visit: https://piresinvestments.com/

About LandVault

LandVault is the largest metaverse builder with over 100 million square feet of virtual real estate, more than 120 full-time creators, and nearly 300 completed projects. We've been helping brands build and grow in gaming environments since 2017 and the metaverse since 2021. 

LandVault's platform-agnostic proprietary technology and creative powerhouse builds and delivers tailored, data-driven, and optimized business solutions and insights. We help clients launch, optimize, and monetize metaverse experiences.

LandVault's mission is to accelerate the metaverse economy through technology with a vision of a fairer wealth distribution across the web.

For further information, visit: https://landvault.io

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