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Infinite Reality revealed today that it has raised $3 billion in funding from a private investor, which it plans to put towards the expansion of its immersive technology and its multiple existing initiatives. According to the company, it also puts their valuation at $12.25 billion. The investor, which remains unnamed, reportedly focuses on global tech and real estate investments.
The company reports that they plan to use the investment to continue on its current path, which has seen it make significant collaborations and acquisitions, such as its deal with Google Cloud and its purchase of Landvault (which is now iR Enterprise). It also plans to continue feature development of its iR Studio, a no-code solution for creating immersive reality products; and continue its work in the city of Fort Lauderdale, Florida.
John Acunto, Infinite Reality CEO, said in a statement, “This fundraise allows us to continue investing in our customers as they strive to be active participants in today’s technological advancements … . In our world, brands and creators aren’t just participants but true architects of their digital destiny, with complete control over their customer relationships and data. This strategy requires investment in exceptional talent, breakthrough technology, and most importantly, an unwavering commitment to our customers.”
Amish Shah, Infinite Reality CBO, added, “This transaction is in the form of pure equity, and no debt or restrictive covenants were made. The investor reviewed many opportunities but ultimately bet on our vision, mission, strategy and team. This represents not just a vote of confidence but provides us the firepower to grow at warp speed through continued innovation, accretive acquisitions, and global go-to-market activity. The unique nature of this partnership gives us full freedom to execute our vision exactly as intended.”