Shenzhen-based 3D user-generated content platform, XVERSE has raised US$120 million funding in its Series A and A+ round led by Sequoia Capital China along with participation from new investors Temasek Holdings and CPE. The funding round was also joined by existing investors 5Y Capital, Gaorong Capital, and GL Ventures.
Gaorong Capital also led XVERSE’s Series A funding round for an undisclosed sum.
Last year, XVERSE had raised US$40 million in funding in an angel round from GL Ventures, Tencent Investment, Gaorong Capital, and 5Y Capital.
Founded in 2021, XVERSE promotes 3D-technology driven consumption and lifestyle. The company utilizes technologies that are integrated with augmented reality, image fusion, high performance computer use, audio-video coding, and algorithm to develop 3D IT infrastructures and tools.
The company supports the transformation of 3D for industries such as entertainment, social networking, marketing, and e-commerce. XVERSE is increasing the effort to be a producer of operating systems and content for the entire reality of the internet.
Gartner, the global leading information technology research firm reported that by 2026, approximately 25 percent of the world’s population will spend at least one hour a day in the metaverse of work, shopping education, social media or entertainment.
About Sequoia Capital China
Sequoia Capital China is a venture capital firm focused on seed stage, mid stage, late stage and growth investments in the FinTech sector.
The Beijing-based venture capital firm has a dynamic portfolio comprising of about 300 plus dynamic companies that deliver high returns on investment using differentiated technologies and innovative business models. It has its offices in Beijing, Hong Kong, Shanghai, Guanzhou, Suzhou, Hangzhou, and Shenzen.