Quick take:
- The decentralised physical infrastructure network will focus on scaling spatial computing.
- Helium co-founder and Borderless Capital partner Sean Carey who also joined as an angel investor will be joining Marwari Network’s board of directors.
- The fundraising was structured as a simple agreement for future equity with token warrants, according to The Block.
Mawari Network has raised $10.8 million in a funding round led by Anfield Ltd, Borderless Capital and 1kx, with participation from Accord Ventures, Animoca Brands Japan, Blockchange Ventures, Draper Dragon and Samsung Next, among others.
Helium co-founder and Borderless Capital partner Sean Carey, The Tie co-founder and CEO Joshua Frank, Pete Townsend of Techstars, and Galaxy Digital’s former exec Ivan Brightly joined as angel investors. As part of the deal, Carey will be joining the board of directors at Marwari Network.
Mawari co-founder and CEO Luis Oscar Ramirez told The Block that the fundraising was structured as a simple agreement for future equity (SAFE) with token warrants.
The latest round brings the total raised to $17.3 million following a $6.5 million oversubscribed seed round announced in February 2023.
Mawari is building a decentralised physical infrastructure network (DePIN) that focuses on scaling spatial computing, a type of computing that blends the physical and digital worlds, enabling people to interact with virtual 3D spaces using extended reality (XR), augmented reality (AR) and virtual reality (VR) devices.
Commenting on his company’s early beginnings and plans for the future, Ramirez said: “In 2017, we set out to solve these issues, believing that ‘framed’ media (content confined to screens) would evolve into ‘frameless’ media, where virtual objects interact seamlessly with the real world.”
Mawari is on a mission to address the challenges that creators face when making real-time, immersive content, including data intensity, computing power and scalability.
Explaining how the platform works, Ramirez compared Mawari to how Netflix streams video content via the internet, with a key difference being, that with Mawari, users can stream immersive and interact with it in 3D using XR devices like smart glasses or headsets.
“Mawari handles the heavy computing work (rendering) on powerful computers around the world, ensuring smooth performance with minimal delay. This means your device doesn’t have to do all the processing, allowing for a seamless and immersive experience, no matter where you are,” he said.
While still in active development on Solana, Mawari is scheduled to launch its mainnet by the first quarter of 2025.
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