Sortium, a Web3 entertainment technology developer, recently raised $7.75 million in a seed round, with crypto hedge fund Arca among the investors. This funding, unveiled in a filing with the U.S. Securities and Exchange Commission (SEC), signifies a push for Web3 infrastructure advancements to bring more individuals and brands into the crypto industry. CEO Marc Seal confirmed Arca’s involvement in the investment, although he did not disclose the other investors, mentioning that they were additional crypto-native firms.
While the crypto market has experienced a bear market, with high-profile collapses like FTX, startups like Sortium are still able to secure capital. The company initially aimed for a $14 million target for the seed round but decided not to pursue the full amount after receiving offers that would have completed the round shortly after the announcement. Instead, Sortium opted to focus on strategic partners and assess the evolving landscape, showcasing its technological framework to potential partners and clients to demonstrate the capabilities of generative artificial intelligence systems, blockchains, and dynamic private economic systems.
Sortium, comprising around 50 employees including blockchain engineers, artificial intelligence engineers, and a game studio, offers a platform that enables users to generate, tokenize, and simulate assets using a Web3 blockchain layer. The company is gearing up to launch its first play-to-earn game, CosmoGene, which lets players create unique virtual genetic experiments based on AI-generated synthetic DNA. The game adapts to the player’s actions, thereby growing the environment and providing an interactive experience.
Moving forward, Sortium is contemplating accepting an additional $2 million from investors interested in the seed round and is also considering plans for a Series A fundraise. The company remains committed to advancing its technology and expanding its offerings to potential partners and clients. As part of its growth strategy, Sortium is focused on demonstrating the capabilities of its platform and engaging with the crypto and Web3 community to foster innovation and adoption in the industry.
In conclusion, Sortium’s successful seed round funding with notable investors like Arca underscores the growing interest and investment in Web3 technology and infrastructure. The company’s innovative approach to entertainment technology, combining blockchain, artificial intelligence, and game development, positions it as a key player in the evolving crypto landscape. With plans to launch its play-to-earn game and explore further funding opportunities, Sortium is poised for continued growth and success in the competitive crypto market.
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