Jadu, an AR firm, has just secured $36 million in Series A investment to develop a gaming platform that enables users to explore the real world using its NFT avatars.

Alumni Ventures, LG Tech Ventures, and Bain Capital all contributed to the funding round.

Jadu, which debuted in 2020, is headquartered in Los Angeles. The company is working on an augmented reality smartphone app that can link to an Ethereum wallet. Players may transform 3D animated NFTs into playable avatars with the Jadu app. This summer, the software is expected to undergo beta testing. It seems promising because it supports NFT series avatars including Deadfellaz, CyberKongz, FLUFs, and certain avatars from the video game The Sandbox.

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What’s interesting about Jadu games?

Players of Jadu may take pleasure in playing a third-person video game in the real world, unlike other AR experiences where users navigate in first-person, like Pokemon Go. Almost anywhere in the real world, they only need to move their avatars. Players may really maintain a good sense of connection to reality while having fun with their own distinctive avatar. Jadu app is blending reality and the illusive web3 world in a harmonious way.

Asad J. Malik, founder and CEO of Jadu , said, “Adding an avatar in the middle of the (player) view is a completely new concept for AR, which is a bit counterintuitive. However, when you do that, suddenly It’s very effective because your AR becomes super visual. You can actually see a character walking around the room and doing his own thing.”

Bain Capital Crypto’s spokesperson, Lydia Hylton commented:

“We were blown away by the ingenuity of the Jadu team, the immersive AR gameplay, the rich narrative around the Mirrorverse, and devoted community. We’re excited to back this special project as they bring AR to the center of the Web3 conversation.”

Jadu & the journey to web3 and the idea of building a revolutionizing gaming platform.

There were several mobile augmented reality firms vying for attention in the (not too distant) past. Games similar to Pokémon Go, advertising applications that let characters spring out of crisp packages or newspapers, and beaming artist avatars into your living room… In 2022, it seems that AR alone won’t be sufficient because these firms are incorporating other aspects of the web3, such as NFTs, and talking more and more about the metaverse.

Jadu, for instance. When the business developed an augmented reality (AR) experience for artist Palaye Royale, we reported about it as one of those artist-avatar startups in February 2021. After 15 months, the business is creating a “Jadu Mirrorverse.” Which is that? “An augmented reality gaming environment centered on virtual goods owned by its user community.”

The Jadu firm, which initially employed 50 people, released an augmented reality smartphone app that let users to dance next to lifelike holograms of musicians like Lil Nas X and Pussy Riot. The first version of Jadu temporarily rated among the 30 most downloaded entertainment applications on the Apple App Store, according to Asad J. Malik, creator and CEO of Jadu.

With the introduction of NFTs and Web3 apps, Jadu’s ultimate objective has always been to provide a more expansive AR platform. Jadu has swiftly shifted its focus to developing augmented reality (AR) games for Web3 avatars and marketing equipment like jetpacks and hoverboards as NFTs. According to records, Jadu made over $5 million from its INO event and $5 million more overall by selling its NFTs on secondary markets like OpenSea and earning 5% fee.

What the fund is used for

The entire series A financing will be utilized to expand the Jadu team and create the gaming platform. Additionally, the Jadu team anticipates the launch of its first in-house avatar NFTs, which it anticipates will serve as its primary source of income this year. The project’s operation will also get some of the funds. The money is also set aside as part of a long-term strategy for when the platform becomes more established and need financial support to grow and cooperate with other developers of video game projects.