The Woman’s Extended Reality Fund (WXR Fund) announced in late June it had closed its initial series of investments aimed at supporting female entrepreneurs in the extended reality (XR) and artificial intelligence (AI) industries.
The venture fund recently held an accelerator event hosted by the 5G branch of Verizon Wireless, which saw 26 startups join the programme.
Funds raised at the event secured capital for many woman-led businesses and provided budding startups with resources as well as mentorship from Verizon.
The series A fundraiser saw $5 million USD awarded and dispersed among the WXR Fund portfolio—the only investment fund exclusively for women working with advanced computing technologies.
The portfolio consists of emerging technology firms innovating healthcare, entertainment, education, and retail spaces, among others.
Martina Welkhoff, Managing Partner of the WXR Fund, explained the fund saw “a tremendous untapped and outsized opportunity in the XR space,” adding as WXR continued to expand its outreach, the recent closing of the fund was “just the beginning.”
The WXR Fund Portfolio
The WXR Fund is building a strong portfolio, with each firm ready to made a difference in its respective industries.
Portfolio alumni Wavely Diagnostics is making waves in telemedicine by keeping kids smiling with a smartphone application to diagnose ear infections via acoustic waves sent from the device speaker.
Additional firms have partnered with WXR, including Prisms of Reality, an eLearning company based in San Francisco and New York City, as well as volumetric video leaders Scatter, who are democratising holographic content creation.
The funding allowed Prisms of Reality to develop an algebra eLearning programme now available on the Oculus Quest.
Most firms who initially partnered with WXR during its accelerator programme have become industry leaders, but some companies such as e-commerce firm Obsess remained closely linked with the Fund.
Obsess has worked with big fashion brands such as Ralph Lauren to turn online storefronts into interactive 3D environments.
Neha Singh, Founder and CEO at Obsess, described WXR’s support to firms as “crucial”, namely after the company received two rounds of WXR funding to upscale the business.
Neha continues,
“Their support has enabled us to improve our technology and quickly grow our global roster of customers”
WXR hints it will launch more investment opportunities in the coming months to paint an innovative and inclusive future for the XR industry.
