Jadu Secures $36 Million to Enhance the Development of Augmented Reality NFT Game
The Los Angeles-based augmented reality (AR) startup, has raised $36 Million in Series A funding to design a gaming platform that enables players to turn their favorite NFTs into gaming avatars.
Launched in 2020, Jadu has seen its overall portfolio of investments rise to over $45M after raising $36M. Bain Capital Crypto, a funding agency, led the Series A round, while all the funds realized were used mainly for the Los Angeles-based company's upcoming AR and NFT game "Jadu Mirrorverse."
In addition to that, the funds will also be put into funding the design of the Jadu App, which will help in the further development of Jadu’s upcoming Mirrorverse. After launching, Jadu will support third-party NFTs such as Deadfellaz, CyberKongz, FLUFs, VOIDs, ChibiApes, and Meebits. Also, Sandbox avatars will be supported, and more avatars from other collections will be included this summer.
Unlike other augmented reality experiences where users can only navigate through a first-person point of view, Jadu players will enjoy the effect of playing a third-person video game with a real-world landscape. The new gaming ecosystem will also adopt ownership of virtual merchandise NFTs like jet packs and hoverboards custom-designed by A-list stars Hamilton, Grimes, and Snoop Dogg.
Bain Capital Crypto's spokesperson, Lydia Hylton commented:
“We were blown away by the ingenuity of the Jadu team, the immersive AR gameplay, the rich narrative around the Mirrorverse, and devoted community. We’re excited to back this special project as they bring AR to the center of the Web3 conversation."
However, no date has been confirmed yet for the release, but the company revealed that a beta version of the app would be launched in one of the summer season months.