Gaming and digital asset technology business Immutable has today announced an $82 million Series B funding round, bringing its total funding to $105 million.
Sydney-based Immutable, which has created Immutable X - a solution for scaling and trading NFTs (non-fungible tokens) - intends to use the funds to expand its engineering and sales teams and strengthen its partnerships with gaming companies.
It will also be used to scale the growth of Immutable’s in-house published NFT games - Gods Unchained and Guild of Guardians.
The Series B round was co-led by BITKRAFT Ventures and King River Capital, with participation from AirTree Ventures, Prosus Ventures, Galaxy Interactive, Fabric Ventures, FTX, Reinventure, Apex Capital and VaynerFund.
The company’s Immutable X acts as the underlying infrastructure that powers NFT trading, similar to how payment platforms enable online commerce.
Immutable says its product is built to not compromise the security or decentralisation of Ethereum, the most used blockchain globally for NFTs.
The platform is also the first carbon-neutral scaling solution for NFTs on Ethereum.
“NFT trading is a terrible mainstream user experience right now,” Immutable co-founder Robbie Ferguson said.
“It’s expensive, illiquid, and the only existing scaling solutions compromise on the most important thing - the security and user-base of Ethereum.
“We want businesses to create their game, marketplace, or NFT application within hours via APIs, with a mainstream user experience. No blockchain programming required.”
Founding partner of investor BITKRAFT Ventures Jens Hilgers said Immutable is at the forefront of what will become the future of asset trading.
"We have been encouraged by the strong momentum around the Ethereum ecosystem and are excited by the prospects of this next-generation scalability infrastructure broadening accessibility for a new wave of blockchain game developers,” Hilgers said.
“The future of asset trading is digital and in-game items and in-game digital assets will broadly move onto the blockchain. To support and accelerate this shift the industry is in need of a scalable, fast, efficient and trusted blockchain layer.
“With Immutable we have found the best team and product in the market to make this industry shift a reality.”
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support