Dubai-based company Hyperspace, which is building the world’s first Blockchain enabled and Extended Reality (XR) native physical attractions, has raised $11 million in equity and development seed funding, according to media reports. The company plans to use the funding to create immersive entertainment attractions for a social media and metaverse generation.
The funding was led by Introsight and Dubai Financier Mohammed Afkhami and it is one of the largest seed rounds in the region. Other participants of the funding round included names like Yakir Gola and Rafael Ilishayev, Bolur Capital, Farbro Group, and Scott Ross of HillPath Capital Partners.
The funding will also be used to develop transparent blockchain technology, real-time asset creation, and a living augmented reality (AR) layer over physical space within an entertainment park. It will also support the development of the interconnected software platform and real-world locations to create a bridge to the metaverse.
Hyperspace is headquartered in Dubai and the company is developing a physical front end to the metaverse to bring real-time connectivity to digital worlds and lifestyles. The company plans to open two entertainment parks in Dubai in the second half of 2022.
In other news, Jordan-based dental technology startup Eon Dental has raised $26 million in a Series B funding round led by a large international MedTech fund. Other participants of the funding round included names like Arab Palestinian Investment Company, otf Jasoor Ventures, Endeavor Catalyst, Spartech Ventures and Bank al Etihad.
The startup will use these funds to advance its automation manufacturing and clinical service capabilities. The funds will also help the company to invest and innovate its clinical software solutions too.