NFT technology company Immutable locks in $82m Series B

NFT technology company Immutable locks in $82m Series B

Immutable co-founders James and Robbie Ferguson.

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.”

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

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Study finds cybersecurity skills gaps on boards as Optus debacle rolls on

Study finds cybersecurity skills gaps on boards as Optus debacle rolls on

As the backlash continues over a data breach at Optus that has pote...

‘We have changed’: The Star pleads with NICC to keep its casino licence

‘We have changed’: The Star pleads with NICC to keep its casino licence

The Star Entertainment Group (ASX: SGR) has pleaded with the NSW In...

Universal Store buys Byron Bay fashion brand THRILLS for $50m

Universal Store buys Byron Bay fashion brand THRILLS for $50m

After working alongside Universal Store (ASX: UNI) for nine years, ...

Hogg quits as The Star’s acting CEO just days ahead of Queensland casino inquiry findings

Hogg quits as The Star’s acting CEO just days ahead of Queensland casino inquiry findings

The depletion of The Star Entertainment Group’s (ASX: SGR) ex...