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Cryptocurrency News Articles
Mawari Network Raises $10.8M to Scale Spatial Computing and XR Experiences
Sep 27, 2024 at 03:26 am
Mawari co-founder and CEO Luis Oscar Ramirez told The Block that the fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.
Web3 spatial computing network Mawari Network has closed a $10.8 million funding round, The Block has learned.
Anfield Ltd, Borderless Capital and 1kx led the round, with participation from Accord Ventures, Animoca Brands Japan, Blockchange Ventures, Draper Dragon and Samsung Next, among others.
Helium co-founder and Borderless partner Sean Carey, The Tie co-founder and CEO Joshua Frank, Techstars’ Pete Townsend and Galaxy Digital’s former exec Ivan Brightly also joined as angel investors. As part of the deal, Carey will be joining the board of directors at Mawari Network.
The latest round, which was structured as a SAFE with token warrants, brings the total raised by the startup to $17.3 million, following a $6.5 million oversubscribed seed round announced in February 2023.
Founded in 2017 by Luis Oscar Ramirez and Andres Guilarte, Mawari is building a decentralised physical infrastructure network (DePIN) that focuses on scaling spatial computing, a type of computing that blends the physical and digital worlds, enabling people to interact with virtual 3D spaces using XR, AR and VR devices.
“In 2017, we set out to solve these issues, believing that ‘framed’ media (content confined to screens) would evolve into ‘frameless’ media, where virtual objects interact seamlessly with the real world,” said Ramirez, commenting on his company’s early beginnings and plans for the future.
“Our vision is to enable creators to build the next generation of immersive content and applications, ranging from entertainment and education to productivity and collaboration.”
Mawari is on a mission to address the challenges that creators face when making real-time, immersive content, including data intensity, computing power and scalability.
To achieve this, the platform builds a network of powerful computers around the world that handles the heavy rendering work, enabling users to stream immersive content and interact with it in 3D using XR devices like smart glasses or headsets.
“We like to think of ourselves as the ‘AWS for XR,'” said Ramirez, comparing Mawari to how Netflix streams video content via the internet, with a key difference being that, with Mawari, users can stream immersive and interact with it in 3D using XR devices.
“While still in active development on Solana, we are set to launch our mainnet by Q1 2025,” he added.
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