Oorbit, a tech company making interactive entertainment for the metaverse, has closed a $5 million seed round of funding.
Participants in the round include investor and reality TV ‘Shark’ Mark Cuban, deadmau5 and HOF Capital.
Oorbit will launch in late 2022, it says.
The company says it has developed an infrastructure that “unites metaverse experiences and worlds into one place”.
The Oorbit platform, says the company, will allow gamers to experience high quality games, events, interactive media, marketplaces, and more from content partners, with no downloads or extra hardware costs.
While the metaverse and its potential for success remains to be fully realized, deadmau5 has quickly emerged as an early advocate.
In December 2021, deadmau5 and fellow electronic music producer Richie Hawtin raised $4.5 million in seed investment to build the music metaverse PIXELYNX.
PIXELYNX, the company said at the time, aims to “transform the way artists connect and engage with their fans through gaming experiences”, but it has competition in the rapidly expanding market.
This month, gaming firm Unity partnered with electronic music event promoter and producer Insomniac Events, with plans to build a “new, persistent metaverse world” where fans can watch virtual concerts.
Unity is a rival to Fortnite and Unreal Engine maker Epic Games, which is also making moves in the metaverse.
In November 2021, Epic Games acquired Harmonix, creator of the popular Rock Band and Dance Central franchises, for an undisclosed sum.
At the time, Epic claimed that, as it works “to build the metaverse”, the Harmonix team’s “expertise is needed to reimagine how music is experienced, created and distributed”.
“Oorbit has put the user at the center of their technology.”
Mark Cuban
Mark Cuban, investor and entrepreneur, said: “As the metaverse moves from our imaginations into actual entertainment, experiences and products, Oorbit’s founders have created an innovative platform where developers, publishers and brands can create and more easily deliver their most compelling work.
“Best of all, and core to their plan, Oorbit has put the user at the center of their technology so they enable games and even worlds that will delight all comers, and blaze a path for metaverse growth overall.”
“This round of funding will support growth and platform expansion.”
Ash Koosha, Oorbit
Ash Koosha, CEO and Oorbit Co-Founder, added: “Oorbit is demystifying the major technologies that will play the biggest role in the growth of Web3 and the metaverse; blockchain, cloud streaming, NFTs, fintech and more.
“We are combining the best parts of these complex technologies to enable episodic entertainment that is not just incredible but also approachable, for all audiences.
“This round of funding will support growth and platform expansion.”
“In any sector of technology, there are people looking to shape the future.”
Corby Pryor, HOF Capital
Corby Pryor, HOF Capital, said: “In any sector of technology, there are people looking to shape the future.
“The key as an investor is identifying the team that can take an ambitious vision and deliver on it. That is Oorbit: great vision with the core ability to execute.”Music Business Worldwide
