Hadean, a Web3 startup, raised $30 million in its Series A funding, led by Europe-based Molten Ventures. The UK distributed computing startup secured $30 million. The funding round was also backed by several other prominent names including the video gaming behemoth Epic Games and the CIA-backed In-Q-Tel.
Hadean Gets Epic Games’ Support To Create Metaverse Infrastructure
The London-based startup develops an infrastructure technology to help power the metaverse. Molten Ventures led the funding round joined by other investors like Alumni Ventures, 2050 Capital, Entrepreneur First, Aster Capital, and In-Q-Tel.
Epic Games, the developer of Unreal Engine and Fortnite, also participated in the funding round. Moreover, Epic Games is also a Hadean’s customer, together with other big brands like Minecraft, Microsoft, and Sony, among many others.
Hadean wants to use the new funds to continue developing its scalable and interoperable metaverse functionalities. Since it works as an open platform supporting spatial cloud computing, the startup also views itself as an “infrastructure” that powers the metaverse and enables it to become a reality.
Marc Petit, VP, of Epic’s Unreal Engine Ecosystem, said:
“Hadean’s computing power will provide the infrastructure that’s needed as we work to create a scalable metaverse. The company’s technology complements Epic’s Unreal Engine by enabling massive amounts of concurrent users and unlocking new tools for creators and developers.”
Hadean’s distributed computing capabilities represents the core of the technology. This startup helps video game developers scale their in-house codebase to underpin their software that uses huge amounts of computing power.
This supports massively multiplayer online (MMO) games like Minecraft to avoid the implementation of player limit restrictions and dynamically offer more or fewer resources, subject to the game’s requirements.
Hadean Also Backed By The British Government And The CIA
Hadean’s latest funding comes barely a month after the startup raised $16.7 million to develop simulation software for the British Army. This funding was led by Chinese internet behemoth Tencent and In-Q-Tel, a US venture capital firm that is backed by funds from the CIA.
Hadean also got an investment from the UK Government’s Future Fund, the startup rescue fund launched by parliament member Rishi Sunak during the COVID-19 Pandemic. The firm was also advised by experts from the National Security Strategic Investment Fund (NSSIF), which reviews and invests in highly sensitive defense startups, based on a publication on The Telegraph.
Hadean’s unique investor lineup marks a critical step for the growth of the bigger metaverse, as more notable names continue to invest in the technology creating immersive worlds. The metaverse market is expected to expand to reach $1.5 trillion by 2029, based on Fortune Business Insights (FBI).