Technology entertainment company Plutoverse has raised an undisclosed amount from Polygon’s Co-founder and Chief Executive Officer and billionaire Jayanti Kanani, the company said in a statement on Tuesday.
Plutoverse aims to build virtual identities that can coexist and socialize in the same shared universe, and to tell stories inspired by and tailor-made for Gen Z and millennials, the company said. The investment will also be used to further create the building blocks of the product and make it ready for launch, Plutoverse said.
Kanani said metaverse is a dawning technology concept, and is quickly spreading and it will change the future of the internet. Plutoverse will be one of the biggest contributors to this change, Kanani said.
“Plutoverse is extending the ambit of the Polysytem or the ecosystem in Polygon. It will allow a common person to get exposure to a complex and new market in a much easier and more meaningful way. Plutoverse is a young team with a lot of passion and great ideas, and I’ve seen what they are building from the inside and it looks really exciting,” said Kanani.
Plutoverse said it is set to provide an experience of a virtual world, where users can interact with each other through their digital avatars and also socialize, play, and earn. The launch will happen in the next few months, Plutoverse said.
“Kanani has built one of the best L2 (layer 2) solutions on the blockchain and his expertise in building a global tech giant will be of immense help to the growing process of the company,” said Prashant Sharma, Co-Founder Plutoverse.
Kanani’s investment in Plutoverse comes days after the Ethereum-based blockchain scaling service provider raised $450 million in a funding round led by Sequoia Capital India, Tiger Global Management and SoftBank with participation from more than 40 major venture capital firms including Galaxy Digital, Galaxy Interactive and Republic Capital.
Sandeep Nailwal, Polygon’s Co-founder had also invested an undisclosed amount recently in Bliv.Club Non-fungible Token (NFT) derivative startup. Polygon, meanwhile, as a company has also invested in the Web3.0 space. In January, the company invested an undisclosed sum in Hike to support its Rush Gaming Universe (RGU). The company had also said that it will be hosting RGU on its network to help build its Web 3.0 presence.