Multiverse secures a $15M investment from Samsung Next, leading blockchain VCs
Multiverse, a decentralized artificial intelligence ecosystem that funds early-stage tech companies, has secured $15 million in investments from some of blockchain’s biggest venture funds.
Samsung Next, an investment group focused on AI, blockchain and fintech, was among the investors, along with Arrington XRP Capital, Huobi Ventures and Fenbushi, Multiverse announced Wednesday. With the raise, Multiverse now has an implied valuation of $250 million, making it one of the largest ecosystem developer funds at the intersection of blockchain and AI.
The investment will go towards expanding Multiverse's capacity across engineering, research and marketing. The organization is eyeing a bigger presence in Europe and Southeast Asia.
Related: New Samsung service Paperless adds document disposal to enterprise blockchain
Multiverse allows early-stage project developers to experiment with ideas and solicit feedback as they test their concepts. Platform users themselves can earn rewards for their contributions through the AI token, which is native to the Multiverse platform.
Cliff Szu, co-founder of Multiverse Labs, said his platform provides a safe space for developers to evaluate their ideas and receive feedback from a knowledgeable community.
“Many potential founders decide the risks outweigh the rewards, or simply have no access to external capital, particularly in emerging economies,” he said. “So, we are creating a safe space for them to thoroughly evaluate the potential of their ideas and to learn from a supportive and knowledgeable community that can contribute towards their success at the earliest possible stage.”
Blockchain development studios have been gaining traction recently, as more companies look to foster innovation in the nascent industry. As Cointelegraph reported, crypto unicorn Amber Group has launched a new platform for creators of nonfungible tokens, or NFTs. Subject matter experts within crypto have also made their services available for a mentorship program centered around Solana’s high-performance blockchain.
On the venture capital front, investors have poured billions into blockchain startups this year alone — a feat that was unaffected by the multi-month downtrend in cryptocurrency prices.