Metaverse platform Infinite Reality Inc., a company that builds and powers virtual reality e-commerce and immersive digital media experiences, today announced it has raised $350 million in a funding deal that elevated the company’s valuation to $5.1 billion.

Infinite Reality also announced the acquisition of Landvault, a technology company and studio that specializes in building digital twins and immersive environments for companies and governments. Landvault is well-known for constructing branded gaming experiences for the 3D online gaming platform and game creation system Roblox from Roblox Corp.

The company said it paid $450 million for Landvault in an all-stock transaction and plans to integrate the studio’s cutting-edge tools and expertise in crafting high-fidelity virtual worlds to support its own aim to be a leader in delivering innovative spatial computing to empower brands to deliver 3D experiences to their audiences.

“Now, having joined forces with Landvault and secured this $350 million fundraise, we possess robust capitalization, financial flexibility and a fortified position from which to successfully execute our global go-to-market strategy,” said John Acunto, co-founder and chief executive of Infinite Reality. “Adding Landvault, with their substantial presence in the Middle East and Europe, supports our plans for market expansion and helps establish the Infinite Reality brand as a global leader in immersive tech.”

Landvault is a well-established industry studio and developer that has built over 1.2 million square feet of virtual immersive experiences for numerous high-profile brands including Mastercard Inc., Standard Chartered Plc. and Hershey’s. The company’s notable open metaverse projects include collaborations with Hersey in Decentraland and the World of Women experience in The Sandbox.

Decentraland and The Sandbox are virtual worlds where people can build, own and monetize immersive gaming experiences. Users can create spaces, wearables, items, characters and other creations that can be owned, branded and exchanged with other users. The Sandbox is a 2D sandbox game and Decentraland is a 3D immersive game where numerous organizations have set up environments for visitors.

Infinite Reality said following the acquisition, Landvault’s employees and creative team will join the company’s roster to ensure that the top talent can continue to do what they do best, producing the best quality content. Landvault’s presence across the Middle East will also remain operational, expanding IR’s global reach and supporting ongoing projects.

“Joining forces with Infinite Reality allows us to leverage their extensive resources and expertise to scale our vision to build the future of the internet even further,” said Sam Huber, founder and chief executive of Landvault. “Together, we will continue to push the boundaries of what is possible today, creating unparalleled experiences for business and consumers worldwide.”

Today’s deal follows several previous acquisitions for Infinite Reality showing ongoing momentum, including professional sports property The Drone Racing League for $250 million, scalable front-end web infrastructure platform Ethereal Engine for $75 million, artificial intelligence avatar creation engine Action Face Inc. for $10 million and social sports platform Stakes for $8 million. Including today’s deal, this brings the company’s total year-to-date value in deals to nearly $800 million.

Image: Infinite Reality