High Fidelity, a San Francisco, CA-based open-source distributed VR platform, raised $35m in Series D funding.
The company intends to use the funds to continue development of a global infrastructure for VR experiences.
The round, which brings total investment to more than $70m, was led by blockchain investment firm Galaxy Digital Ventures, investing $20m from its Galaxy EOS Ecosystem Fund, with additional new investors including Blockchain Capital and existing investors Breyer Capital, IDG Capital Partners and Vulcan Capital. In conjunction with the funding, Sam Englebardt, a founding partner of Galaxy Digital Ventures, joined the board of High Fidelity.
The company intends to use the funds to expand R&D, accelerate hiring and open a new office in Seattle.
Led by CEO and co-founder Philip Rosedale, High Fidelity provides an open source, scalable platform to create 3D virtual worlds. It enables performers, educators, makers, entrepreneurs and brands to create and host their own social VR experiences and visitors to take their avatar between virtual worlds with a consistent identity. High Fidelity ensures content rights and ownership with a federated digital asset registry based on blockchain, and powers an economy with its own cryptocurrency, High Fidelity Coin.
The company has already developed the technology to bring VR to a mass audience, including:
– the High Fidelity VR software platform, which powers immersive 3D experiences, with high resolution environments, realistic avatars and end-to-end latency, allowing natural interaction between people,
– High Fidelity Coin (HFC), a high-speed “stablecoin” cryptocurrency designed specifically for commerce, usable anywhere in the world, offering near-instantaneous transaction speeds and low transaction costs,
– the Digital Asset Registry, based on the blockchain, providing proof of identity and ownership and strong protection against content forgery,
– the High Fidelity Marketplace, which allows users to buy and sell objects such as avatars, clothing and equipment, as well as scripts and applications to extend the VR experience,
– the founding of the Virtual Reality Blockchain Alliance, which is defining the protocols for global interoperability in VR. Virtual Reality Blockchain Alliance (VRBA)’s Current members include Admix, BLOCKv, High Fidelity, JanusVR, Somnium Space and SVVR.