XRSPACE, a company with a name easily confused with this very publication, today announced the closing of a $25 million USD funding round. XR Source did not raise $25m, so maybe we backed the wrong horse. What XRSPACE intend to do with it however, is conceptually similar to XR Source’s agenda; to bring the metaverse to a consumer audience.
Founded by Peter Chou, the technology pioneer who founded and led HTC, XRSPACE is a leader in metaverse technologies and platform capabilities. According to a press release, this investment:
“…will accelerate the company’s R&D efforts in shaping the next generation of 3D live and social experiences, including live facial and motion tracking of user-driven avatars, 5G-powered real-time interaction, 3D live streaming, and AI-powered social engagement. Funds will also be used to launch and evolve a set of innovative partnerships in Taiwan, China, Japan, and the US, spurred by the growing demand of brands and creators to build and facilitate their next generation of consumer engagement in the metaverse.”
Well, isn’t that a mouthful. Essentially, XRSPACE has two different platforms. GOXR is aimed at enterprise, whilst PartyOn is an entertainment platform.
GOXR has thus far been presented as an educational experience platform. The XRSPACE team launched an experience for the Beigang Chaotian Temple in Taiwan. In partnership with Meta Taiwan and Taiwan’s Ministry of Culture, visitors across the world can experience this culturally significant temple. It also introduced and enhanced culturally-relevant content including Taiwan’s National Palace Museum and JuMing Museum. Thus far, it has brought over 1,200 educational institutes and over 200,000 visitors and students into the experience.
Additionally, in partnership with Foxconn, Taipei Fubon Bank, Chunghwa Telecom and Asia Pacific Telecom, GOXR also developed a set of new business presentation and sharing capabilities that can be used for corporate events.
The entertainment sector of XRPSACE has hosted over 700,000 users across 50,000 user-generated parties. In January 2023, XRSPACE partnered with Japan’s top social music platform, nana music. The intention was to extend the country’s leading interactive social music service into the metaverse. This will ultimately give nana music’s 10M subscribers the opportunity to sing, dance, and enjoy themselves together in the metaverse.
Before this, in November 2022, the company partnered with the Taipei Pop Music Center. Together they hosted the world’s first live and interactive virtual concert. Unlike the recorded performance that is common in the market today, singers performed virtually in real-time throughout the event.
XRSPACE Funding Round
This new round of funding was led by Foxconn Technology Group in partnership with Taiwan’s National Development Fund. The Foxconn Technology Group invested the first of three tranches of funding from its $100 Million commitment announced in March 2022, while Taiwan’s National Development Fund invested $10 Million through the Taiwan Creative Content Agency.
XRSPACE has thus far focused on developing and integrating AI, 5G, XR and cloud technologies. According to the company, this focus has proven prescient as brands and creators have evolved from trials to investing resources to own and operate their metaverse communities on the XRSPACE platform.