XRSPACE Secures $25 Million to Fast-Track Development of AI-Driven Metaverse Experiences
In Brief
This funding round was chiefly steered by Foxconn Technology Group in collaboration with Taiwan’s National Development Fund.
Peter Chou, the former head of HTC, is the driving force behind XRSPACE.
The capital raised will be directed towards hastening the advancement of 3D interactive social experiences and enhancing AI-driven engagement.
XRSPACE, known for its commitment to innovation in social realities through XR in the metaverse, has secured $25 million primarily through a funding round led by Foxconn Technology Group in tandem with Taiwan’s National Development Fund.
Foxconn Technology Group's investment marks the first installment in a series of three planned funding rounds from its previously announced $100 million commitment in March 2022. Additionally, Taiwan’s National Development Fund has injected $10 million via the Taiwan Creative Content Agency.
"This investment underscores the strong belief from backers in XRSPACE’s potential to pioneer unique metaverse experiences with a distinct strategic vision, alongside the rising global inclination of brands to enhance their offerings within the metaverse and for users to connect beyond traditional confines,\" the company remarked. press release .
The newly acquired capital will not only support R&D efforts aimed at creating engaging 3D live experiences—such as real-time user avatar tracking using facial recognition and motion technology—but also enhance 5G interactive capabilities, 3D streaming formats, and AI-fueled social features. Furthermore, funds will be allocated for establishing partnerships in Taiwan, China, Japan, and the US to boost consumer engagement in the metaverse.
Founded in 2017 by Peter Chou, the former CEO of HTC, XRSPACE unveiled its first product, the XRSPACE Manova VR headset, in 2020, followed by the launch of PartyOn and GOXR applications in 2021.
Through PartyOn, XRSPACE's virtual music platform, more than 700,000 users have engaged in over 50,000 user-organized gatherings within its metaverse, with customizable full-body 3D avatars that mirror physical movements.
In September of the previous year, XRSPACE's professional platform, GOXR, teamed up with Meta Taiwan and Taiwan's Ministry of Culture to create a metaverse experience for the Beigang Chaotian Temple. The initiative has also successfully linked over 1,200 educational institutions and attracted more than 200,000 visitors into the metaverse through collaboration with the Taiwan Department of Education. students From Traditional Art to Web3: Taiwan’s Puppeteers Seek to Revitalize Their Craft with NFTs
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In line with the Trust Project guidelines Cindy, a dedicated journalist at Metaverse Post, specializes in topics involving Web3, NFTs, the metaverse, and AI, while focusing on conversations with key players in the Web3 space. She has interviewed over 30 executives, gaining invaluable insights for her readers. Originally hailing from Singapore, Cindy is currently located in Tbilisi, Georgia, and holds a Bachelor’s degree in Communications & Media Studies from the University of South Australia, boasting a decade of experience in the field of journalism.
