Investing.com - Crypto investment firm Cypher Capital has participated in a $12 million private funding round for SecondLive, a Web3 open Metaverse platform powered by artificial intelligence, the company said on Monday.
The funding round was led by Crypto.com, with additional contributions from Spark Digital, MetaEstate, TAISU Ventures, and other investors. The new financing brings SecondLive’s total funding to $15M, according to the statement.
SecondLive, which uses generative AI to create virtual spaces and social experiences in the Metaverse, plans to use the funds to upgrade its infrastructure for large-scale events, expand social networks, and support creator economic activities, the company said.
With over 5M registered users and 1.81M digital assets generated by users and AI, the platform operates across eight major blockchain networks, including BNB Chain, Ethereum, and TON.
"We are thrilled to have Cypher Capital onboard as a key partner," said SecondLive. "Their expertise within the crypto industry will be invaluable as we continue to grow and innovate our platform for the next wave of Web3 adoption and advancement."
In 2021, SecondLive reached a valuation of $30M after securing an undisclosed amount of seed funding from Binance Labs, the venture capital and incubator arm of Binance, as well as support from Binance Smart Chain's $1 billion fund.
"SecondLive is revolutionizing the way users interact within digital environments and the Metaverse," added Vineet Budki, CEO of Cypher Capital. "They are at the forefront of utilizing AI to create dynamic, user-generated virtual spaces, opening up the future of Web3 to the Metaverse and a variety of applications that aligns with Cypher Capital’s vision for the future of Web3.”
Cypher Capital backs early-stage blockchain projects with both funding and strategic support. The company focuses on areas like DeFi, NFTs, infrastructure, and Web3, prioritizing projects that encourage blockchain adoption.
With a global network, Cypher Capital provides a wide range of support, including financial tools, market insights, and consulting. Its portfolio includes investments in projects such as Ton, Solana, Sui, Berachain, Sei Network, and zkPass, among others.