Galaxy Digital Ventures, a venture investment firm founded by Michael Novogratz, has led a $35 million Series D funding round in High Fidelity, a blockchain-based VR platform.
Galaxy EOS Ecosystem Fund invested $20 million into the funding round, which also drew support from new investors including Blockchain Capital, as well as existing investors including Breyer Capital, IDG Capital Partners and Vulcan Capital. The latest round brings total investment in High Fidelity to over $70 million.
In its official release, High Fidelity said that the funds will be used to expand R&D, accelerate hiring and open a new office in Seattle.
Founded in 2013 by Philip Rosedale, High Fidelity distributes an open source, scalable platform to create 3D virtual worlds, enabling performers, educators, makers, entrepreneurs and brands to create and host their own social VR experiences. It ensures content rights and ownership with a blockchain-based federated digital asset registry, and powers its ecosystem with its own cryptocurrency, High Fidelity Coin.
"We will go to school, attend events, entertain each other, and build entirely new worlds together, all from within VR," said Rosedale. "To reach this scale and to deliver safely on such a promise, VR must be decentralized, including deeply using blockchain technology. Galaxy Digital will guide us capably in adopting that technology and creating the right partnerships with the larger blockchain ecosystem, for example the EOS blockchain where we are currently beta testing integration."
High Fidelity is a founding member of the Virtual Reality Blockchain Alliance, a consortium of organizations aimed at enabling people, their property and their money to move freely between virtual worlds. Current members include Admix, BLOCKv, High Fidelity, JanusVR, Somnium Space and SVVR.
