PortalOne — the world’s first hybrid mixed reality (MR) games platform — has announced a successful Series A funding round to secure roughly $60 million USD for the firm.
The funding round was led by global internet, software, consumer, and fintech investment firm Tiger Global, with additional funding supplied by Scooter Braun, Schuster Tanger, Andrew Marks, and Temasek. Further participation from Avenir Growth, Connect Ventures, Animoca Brands, Access Industries, Nordstar, and Socii Capital assisted in the funding round.
Additional companies contributed financial support and PortalOne saw participation from angel investors from major online firms such as LinkedIn, Axie Infinity, FCC, Twitter, Google, and MTV.
Bård Anders Kasin, CEO and Co-founder of PortalOne, commented,
“Our company now enters an exciting new phase of scaling up on all fronts as we prepare to introduce hybrid games to the world”
The funding will enable PortalOne to expand its hybrid gaming platform and secure major intellectual properties (IPs). The US-based gaming platform has also partnered with Atari to introduce its classic gaming IPs as part of PortalOne Arcade which makes super-sized versions of arcade cabinets.
Series A funding will also introduce additional methods for third-party brands to create immersive content on the PortalOne platform such as filmography and lighting equipment firm Arri, who recently entered a strategic partnership with PortalOne.
Kasin added:
“Now we look forward to welcoming new partners who recognize the opportunity PortalOne offers for iconic and popular IP brands to bridge into a whole new era of entertainment”
Since August 2021, the hybrid gaming platform became available in the US and Canada as a closed beta, with a full launch expected later this year.
What is Hybrid Gaming?
PortalOne’s new breed of hybrid gaming seamlessly combines immersive experiences with real-world live events using MR-based technologies to overlay immersive gaming content on the real-world.
The gaming platform will also integrate non-fungible tokens (NFTs) for users to earn as digital rewards on a cross-platform experience across devices such as smartphones and tablets.
Danny Cohen, President of Access Entertainment, said,
“PortalOne brings together a live video with immersive gameplay in a way I have never seen before. It is highly innovative, very entertaining and delivered with a loving attention to detail. The potential for Portal One’s gaming platform is immense”
Gaming and Developing the Metaverse
The news comes after Microsoft announced in January it was set to buy Activision Blizzard for a massive $68.7 billion USD, leading to the former becoming the world’s third-largest gaming firm.
The Redmond, Washington-based tech giant, who also bought DOOM’s Bethesda Studioworks last year, said the acquisition will lead to the development of future Metaverse infrastructure and solutions.
Microsoft’s buyout will allow it to build on its cloud, gaming console, PC, and mobile gaming solutions, as well as expand its Game Pass platform across Activision Blizzard’s 400 million monthly active users.
According to figures from a recent survey, 59 percent of experts in the industry responded gaming would lead VR investments over the next few years, with 64 percent stating it had the highest potential.
