AR, or augmented reality, is the next big thing in technology. General Catalyst led a $7 million investment into AR start-up Jadu and its groundbreaking app to further develop this new industry.

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

A startup specializing on augmented reality (AR). Jadu received $7 million in venture capital fundraising lately. Coinbase Ventures, The VR Fund, Guy Oseary, Sound Ventures, and others contributed to the investment fund, which was overseen by venture capital firm General Catalyst.

The company has generated millions of dollars selling pixelated NFT jetpacks and hoverboards to date. The startup sold 6,666 NFT hoverboards on the weekend of December 11-12, netting $4.4 million in ETH. Jadu’s virtual accessories are compatible with a number of prominent 3D avatar platforms, including Larva Labs’ Meebits, CyberKongz, and DeadFellaz. Users may also race 3D avatars through The Mirrorverse, Jadu’s own AR app.

Jadu intends to utilize the cash obtained to turn The Mirrorverse app into a full-fledged, widely engaging AR game akin to Pokémon GO, the undisputed king of the AR game business. According to Asad J. Malik, CEO of Jadu, the business took this choice despite the immediate economic benefits that come with the present overabundance of demand for NFTs.

“We can milk people right now if we want, like there’s enough curiosity, we could say we’re releasing some avatar and doing 1 ETH mints.” We could easily earn $20-30 million doing it this way, but it’s not sustainable and it’s distracting. We’re going to build up the AR gear now that we’ve got the money. “That’s really what we want to go ahead of everyone else on, like really fantastic AR gaming, and NFTs are simply a part of that process,” he added.

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