Infinite Reality (iR), a company that is powering the next generation of digital media and e-commerce through extended reality (XR), artificial intelligence (AI), and other immersive technologies, 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 capital raise validates iR’s vision for the next generation of the internet and marks a significant moment in the immersive technology sector. The investment recognizes the tremendous opportunity in this rapidly expanding global market.
This funding round exemplifies Infinite Reality’s unique approach to growth, built on meaningful and lasting relationships with individual investors and family offices rather than conventional venture capital. This strategy has distinguished iR within the technology sector since its founding in 2019. And with this substantial backing, iR is 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.
With this significant funding round, 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. And 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 proven in multiple milestones announced in the last year, including:
— The signing of a five-year deal with Google Cloud. This alliance will power immersive digital experiences using AI and spatial computing and further energize 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 brand,s 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 and the $75 million purchase of Ethereal Engine, Action Face, and Stakes. These deals strengthened iR’s computer vision, spatial web technology, gaming, robotics, and more capabilities.
— Continued work with Warner Bros. Discovery Sports, such as launching the FIM SGP-VERSE app, a 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 fully displayed 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 developing a peerless mixed reality (MR) experience that seeks to redefine digital interaction.
Some key areas where iR will utilize the pivotal investment include further feature development for its no-code immersive SaaS product iR Studio, which launched in public beta earlier this year. And 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.
Along with 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 Florida. Launched with the acquisition of over 60 acres of previously abandoned property, the ambitious project will revitalize the former Superfund site into a state-of-the-art innovation hub. The complex is expected to create thousands of new jobs and catalyze technological advancement across multiple industries.
KEY QUOTES:
“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. 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. 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.”
– John Acunto, co-founder and CEO of Infinite Reality
“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.”
– A statement shared on behalf of their client, the investor, Michael Sullivan of the Ashcroft Law Firm
“This landmark development underscores iR’s strategic vision of Florida as the emerging epicenter of next-generation internet technologies.”
– Fort Lauderdale Mayor Dean J. Trantalis said in September about the new complex
“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.”
– Amish Shah, co-founder and Chief Business Officer of Infinite Reality
