.spatial_labs, creator of a hardware platform for creating digital twins of consumer goods, has raised $10 million led by blockchaincap. BrandyBetz reports
Spatial Labs has raised $10 million in a seed funding round led by Blockchain Capital. The capital will be used toward new product innovations and growth initiatives, according to the press release
The funding round also included Marcy Venture Partners, an investment firm co-founded by musician Jay-Z. Marcy Ventures Partners previously backed Spatial Labs in a $4 million seed round in 2021. Blockchain Capital led the round for the consumer goods-focused company. .Other backers included noted businessman Ron Burkle, music producer Scooter Braun and athletes Anthony Tolliver and Bobby Wagner.
Founded in 2020, Los Angeles-based Spatial Labs creates hardware and software solutions that provide a physical entry point into the digital world. The Polygon blockchain-based LNQ One Chip platform uses a microchip to allow any time to be turned into an authenticated traceable digital asset – a digital twin. The digital asset provides new ways for creators and brands to interact with their communities.
“Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop and interact with products in completely new ways," said Spatial Labs founder Iddris Sandu in the press release."Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models."
The new funding will go toward hiring and helping Spatial Labs scale and diversify its tech stack and expand beyond consumer goods into other industries, including media and entertainment.
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