In General XR News
July 10, 2024 – Infinite Reality (iR), an innovation company specializing in digital media and ecommerce through AI and immersive technologies, has announced a USD $350 million minority investment from a private multi-family office. This investment elevates iR’s valuation to $5.1 billion. iR added that the funding will be used to accelerate growth and is separate from the company’s planned SPAC transaction.
Additionally, iR also announced the USD $450 million acquisition of Landvault, a tech company specializing in immersive technology and digital twins for Fortune 500 companies and government organizations. iR stated that the all-stock transaction will help to solidify its foundation to “lead the revolution in immersive digital environments,” as the company seeks to enhance its capabilities in creating high-fidelity virtual environments, aiming to position iR as a leader in spatial computing and AI-powered engagement tools for brands.
Landvault has developed over 1.2 million square feet of virtual experiences for brands such as Mastercard, Standard Chartered, and Hershey. Notable projects from the company include a Cannes Lion-winning campaign for Heineken and immersive experiences in platforms like Decentraland and The Sandbox. The company is also working on initiatives with the UAE and Saudi governments, according to iR.
John Acunto, co-founder and CEO of Infinite Reality, stated: “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. We look forward to integrating Landvault’s hundreds of clients into the Infinite Reality family, further enhancing our reach and capabilities.”
Landvault’s existing team will join iR, with Sam Huber, Founder and CEO of Landvault, taking on the role of Global President of Enterprise and CEO of the Middle East and Northern Africa region. This integration will help iR leverage Landvault’s established presence in the Middle East and Europe.
“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 CEO of Landvault. “Together, we will continue to push the boundaries of what is possible today, creating unparalleled experiences for business and consumers worldwide.”
This week’s deals, coupled with Infinite Reality’s previously announced acquisitions of The Drone Racing League ($250 million), Ethereal Engine ($75 million), Action Face ($10 million), and Stakes ($8 million), bring the company’s total year-to-date transaction value to $800 million.
To learn more about Landvault’s 3D world technology, click here. To find out more about Infinite Reality and its tools and services for immersive experiences, click here.
Image credit: Infinite Reality / Landvault
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About the author
Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.