Metaverse Company named Condense Raises $4.5 Million to Livestream IRL Events
The funding will help create immersive technology for 3D video live streaming in games and other metaverse platforms.
Condense Raises Seed for New Technology
Condense has reinforced its event live-stream vision with a funding round. The company closed a seed round where it raised $4.5 million, which will help develop technologies for 3D live streaming. Top investors include 7percent Ventures, Deeptech Labs, and LocalGlobe.
This technology will be integrated into games and other platforms, creating a new world of content creation and engagements with immersive experiences. The company also has inputs from music enthusiasts and angel investors, including Grace Ladoja, a music manager, and Tom Blomfield (Mozo), an English footballer and platinum-selling artist.
This fund will help in creating a robust interaction with artists, labels, metaverse platforms, and content creators.
The Opportunities In The New Technology
According to the company, the technology of Condense uses cutting-edge computer vision, machine learning and proprietary streaming infrastructure to capture and embed a live 3D video (Video 3.0). Then, the team will incorporate this video experience into games, mobile apps, and platforms running on the Unreal Engine or Unity.
In an interview with Verdict, the CEO and co-founder said,
“What we do is, we take the feeds from multiple cameras and we predict the surface of everything inside that volume that we’re capturing… That really creates this feeling of presence, it creates this feeling of being there because that’s how our brains have evolved to consume content.”
This development is coming when the music industry explores opportunities in Web3 and the digital space. The outbreak of Covid caused several companies to innovate, and live streaming is one of the benefits of the pandemic.
The CEO of Versadex, Ed Bramwell added,
“In the past two years, we saw many virtual concerts that have attracted millions of fans into metaverse. Metaverse concerts became more popular during the pandemic, when people stayed at home and couldn’t travel to real-life concerts.”