Funds aimed at accelerating development of immersive platform technology and global expansion

NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Infinite Reality (iR)™, an innovation company powering the next generation of digital media and e-commerce through extended reality (XR), artificial intelligence (AI), and other immersive technologies, today announced the closing of a $3 billion round of funding from a private investor whose portfolio focuses on global technology and real estate investments. This substantial capital raise validates iR's vision for the next generation of the internet, and marks a defining moment in the immersive technology sector. The investment recognizes the tremendous opportunity in this rapidly expanding global market – projected to reach nearly $1 trillion by 2030 – and positions iR to capture a commanding share of this growth.

Today's capital infusion exemplifies Infinite Reality's unique approach to growth, built on meaningful and lasting relationships with individual investors and family offices rather than conventional venture funding. This purposeful strategy has distinguished iR within the technology sector since its founding in 2019. And with this substantial backing, iR is uniquely positioned to accelerate the evolution of digital engagement, providing enterprises and creators with an unprecedented suite of tools and advanced data capabilities to build immersive experiences that redefine audience connections in the digital world.

“While we are excited that our ability to secure this level of funding validates our mission to build an immersive experience platform that will power the next generation of the web, we are absolutely ecstatic to share this news with our customers: businesses all over the world,” said John Acunto, co-founder and CEO of Infinite Reality. “The ability to provide them a platform where they can not only create a great immersive environment, but one where they own their data, own their customer, and own their experience means the world to Infinite Reality - and to me personally.”

“This fundraise allows us to continue investing in our customers as they strive to be active participants in today's technological advancements,” Acunto continues. “Put simply, we enable them to seamlessly convert their existing 2D website into an immersive space and add the power of AI to optimize sales and ultimately their bottom line. 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.”

With this significant warchest, Infinite Reality aims to continue to build on the many initiatives it kicked off in 2024, including the execution of acquisitions, landmark partnerships, and product launches. The company's trajectory to today has been marked by bold moves that significantly expanded its global footprint and technological capabilities, and established it as a category leader. This was evidenced in multiple milestones announced in the last year, including:

  • The signing of a five-year deal with Google Cloud. Not only will this alliance power immersive digital experiences using AI and spatial computing, it further energizes iR's ambitious product roadmap and plan for scale.
  • The significant expansion of iR's MENA presence through partnerships with both public and private sectors. This rapid growth is highlighted by multiple high profile collaborations, including the development of advanced digital twin technologies for practical applications such as interactive training and safety demonstrations for the UAE Ministry of Finance, as well as the recent unveiling of the digital twin of the DMCC Crypto Centre. The momentum will continue to build with upcoming prominent projects across the region including Saudi Arabia, Qatar, and beyond, encompassing initiatives with government entities, tourism authorities, and premier real estate developers.
  • The $450 million purchase of Dubai-based Landvault (now iR Enterprise) which has built over 1.2 million square feet of virtual experiences for countless high-profile brands including Mastercard, Standard Chartered, Hershey, a Cannes Lion-winning Heineken campaign with Dentsu, groundbreaking activations with Hershey in Decentraland, and the innovative World of Women experience in The Sandbox.
  • The closing of multiple acquisitions, including the $250 million acquisition of the Drone Racing League, the $75 million purchase of Ethereal Engine, Action Face, and Stakes. These deals strengthened iR's capabilities in computer vision and spatial web technology, gaming, robotics, and more.
  • Continued work with Warner Bros. Discovery Sports, including the launch of the FIM SGP-VERSE app, the world's first socially interactive and fully immersive speedway experience with features such as customizable camera streams, an exclusive pit reporter feed and on-demand video content.
  • The continuation of iR's long-standing work with Pairpoint, a Vodafone and Sumitomo Company, was on full display in Dubai at GITEX Global 2024, the world's largest tech and startup event. This exhibition marked the third successful joint venture between the two companies, and saw Infinite Reality leading the development of a peerless mixed reality (MR) experience that seeks to redefine digital interaction.

In a statement shared on behalf of their client, the investor, Michael Sullivan of the Ashcroft Law Firm said, “Our client has made and evaluated several investments in the technology sector. What compelled this investment was not just John's stated vision for the product itself, but his commitment to giving customers ownership of their data. As everyone understands, it is a crucial time for businesses of all sizes to own their data, customers, and intellectual property as AI gains momentum in the marketplace. Recognizing the significance of scalability and mass marketability, our client was particularly impressed by what he believes is iR's revolutionary product, which caters to individuals and artists seeking to build their brand image with immediate global reach while servicing clientele from small businesses to Fortune 500 companies. It is our clients belief this investment underscores a pivotal move towards empowering users and redefining ownership in the digital age.”

Among the key areas where iR will leverage the pivotal investment includes further feature development for its no-code immersive SaaS product iR Studio, which launched in public beta earlier this year. This solution directly gives brands, creators, and developers the tools to build and deploy immersive projects, aiming to democratize access to XR by making it easy to create and broadly accessible to consume via the web. Through its proprietary iR Engine and the addition of AI assistance, iR Studio customers will soon be able to easily publish 3D websites and access enhanced data, ultimately supporting improved e-commerce conversion rates and other valuable business metrics.

In addition to its software investments, iR will also continue to execute on its infrastructure plan, namely the public-private partnership with the city of Fort Lauderdale, Florida and iR's build-out of a new global headquarters in the Sunshine State. Launched with the acquisition of over 60 acres of previously abandoned property, the ambitious project will see the former Superfund site be revitalized into a state-of-the-art innovation hub. In September, Fort Lauderdale Mayor Dean J. Trantalis said, “This landmark development underscores iR's strategic vision of Florida as the emerging epicenter of next-generation internet technologies.” The complex is projected to create thousands of new jobs and serve as a catalyst for technological advancement across multiple industries. With support from this latest funding round, the development reinforces Florida's position as the new frontier for digital innovation and iR's commitment to building the infrastructure of tomorrow's internet. For more on this project, visit theinfinitereality.com/florida.

“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,” said Amish Shah, co-founder and Chief Business Officer of Infinite Reality. “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.”

Today, Infinite Reality stands ready to accelerate the global adoption of immersive technologies across industries and use cases. iR's expanded capabilities and robust financial foundation cement its role as the definitive platform for the immersive web.

About Infinite Reality
Infinite Reality (iR)™ is an innovation company powering the next generation of digital media and e-commerce through spatial computing, artificial intelligence (AI), and other immersive technologies. iR's suite of cutting-edge software, production, marketing services, and other capabilities empower brands and creators to craft inventive digital experiences that uplevel audience engagement, data ownership, monetization, and brand health metrics. The company is backed by an impressive roster of investors including RSE Ventures, Liberty Media, Lux Capital, Lerer Hippeau, MGM, CAA, T-Mobile Ventures, Courtside VC, Exor, Terracap, IAC, Live Nation, as well as notable individuals such as Steve Aoki, Imagine Dragons, and NBA player Rudy Gobert. For more information, visit theinfinitereality.com.

About Ashcroft Law Firm
We believe the true character of an organization or a leader is revealed by adversity. Bad things can happen to good people and honest people can make mistakes. Leaders and organizations committed to integrity will thrive in even the toughest situations. We have also seen organizations choose a different path and suffer the consequences of their decisions.

That's one reason why we personally treat maintaining our and our clients' integrity as a specific commitment – and why we only advise leaders and organizations who share a similar commitment.

Former U.S. Attorney General, Governor and Senator John Ashcroft serves as the firm's founder. Together with the select group of seasoned, respected and experienced senior executives he recruited to join him—many of whom helped to lead the U.S. Department of Justice during a significant time in our nation's history—the Firm has earned a reputation for integrity and a track record for accelerating successful resolutions of even the most complex matters. ashcroftlawfirm.com.

Contact
press@theinfinitereality.com