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General Catalyst Lead $7 Million Investment in AR Start-Up Jadu

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Augmented reality (AR) start-up Jadu recently scored $7 million in venture funding. The investment fund was led by venture capital company General Catalyst, with other contributions coming from Coinbase Ventures, The VR Fund, Guy Oseary, Sound Ventures, and more.

To date, the start up has made millions of dollars selling pixelated NFT jetpacks and hoverboards. Over the weekend of December 11-12, the company sold 6,666 NFT hoverboards, raking in a massive $4.4 million in ETH. The virtual accessories developed by Jadu can be used in highly popular 3D avatar platforms such as Larva Labsโ€™ Meebits, CyberKongz, and DeadFellaz. Users can also race 3D avatars around Jaduโ€™s very own AR app, The Mirrorverse.

Jadu plans to use the funds raised to develop The Mirrorverse app into a fully-fledged, widely immersive AR game that is similar to Pokรฉmon GO, an undoubtable apex figure within the AR game industry. Asad J. Malik, CEO of Jadu, states that the company has made this decision despite the immediate economic profits that are available to them through the current overwhelming appetite for NFTs.

โ€œWe can milk people right now, like thereโ€™s enough interest if we want, we could say weโ€™re releasing some avatar and weโ€™re going to do like 1 ETH mints. We can probably make $20-30 million like that, but thatโ€™s not sustainable and thatโ€™s distracting. We have enough money, weโ€™re going to build out the AR stuff. Thatโ€™s really what we want to get ahead of everyone else on, like actual good AR gameplay, and NFTs are just kind of a process of being able to do that,โ€ he said.

Follow Jadu >> Twitter

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