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8/24/2022 2:11:01 PM
Metaverse avatar platform secures $56M in funding
App Developer Magazine
Metaverse avatar platform secures $56M in funding


Metaverse avatar platform secures $56M in funding

Wednesday, August 24, 2022

Freeman Lightner Freeman Lightner

Ready Player Me has secured $56M in funding and announced that they have more than 3000 partners already signed, and will continue on its mission to break down walls and build a more connected virtual world. The series B round was led by Andreessen Horowitz.

Ready Player Me, a cross-game avatar platform that allows users to explore virtual worlds with one consistent identity, has closed a $56M Series B round led by Andreessen Horowitz (a16z), with participation from other notable investors including David Baszucki, co-founder of Roblox, Justin Kan, co-founder of Twitch, Sebastian Knutsson & Riccardo Zacconi, King Games co-founders, sports and entertainment company Endeavor, Kevin Hart’s Hartbeat Ventures, D’Amelio family, Punk6529, Snowfro, Collab Currency, Plural, Konvoy Ventures, Robin Chan, co-founder of Fractal, and more.

More than 3,000 apps across both Web2 and Web3 already integrate Ready Player Me, including VRChat, Spatial, Somnium Space, RTFKT, and many more. The company also already works with individual creators and fashion brands such as Adidas, New Balance, Dior, Pull&Bear, and Warner Brothers (Dune movie outfits) to enable cross-game avatar assets across the metaverse. Ready Player Me provides developers an avatar system, allowing the teams to focus on creating worlds and experiences. The platform also provides distribution through its network and opens new revenue opportunities through interoperable avatar asset sales and a cross-game economy.

Metaverse avatar platform Ready Player Me raises $56M in series B round led by Andreessen Horowitz

"What will unlock the true metaverse experience is interoperability between games, worlds, and applications and consistent identity for users across all experiences. We think it's essential for virtual worlds users to create an avatar they love and buy avatar skins and accessories that work across the metaverse and are not stuck in one game. This infusion of funds will allow Ready Player Me to continue scaling the avatar system to make it more flexible for developers, create new tools to help developers monetize with avatar assets, and build tools for individual creators to take part in the cross-game avatar marketplace," said Timmu Toke, co-founder and CEO, Ready Player Me.

Ready Player Me is driven by the belief that an open metaverse with millions of interlinked experiences, rather than a few large walled gardens, will drive better user experience, creator experience, and economics. An interoperable user ID and avatar sit at the center of the open metaverse to be a cohesive experience. And an open marketplace of avatar assets will increase the size of the market and allow developers in the metaverse to increase their revenues.

"Ready Player Me is loved by both developers and players as the largest platform for avatar-systems-as-a-service and is well on its way to building the interoperable identity protocol for the open metaverse. We’ve been deeply impressed by the team’s blend of developer empathy, technical chops, and entrepreneurial pragmatism, and couldn't be more excited to partner with them on this journey," said Jonathan Lai, general partner at Andreessen Horowitz.

The Ready Player Me avatar system is the cumulative product of over eight years of research and development. Early on, the company built custom avatar systems and technology for enterprise customers like Tencent, Verizon, HTC, Wargaming, and more. Over the years, Ready Player Me aggregated a proprietary database of 20,000+ face scans captured with the company’s own hardware-based 3D scanners. These scans enabled Ready Player Me to build a deep-learning solution that can accurately predict and render realistic faces from a single 2D photo. This system runs across desktop, web, and mobile, and is available to developers through a robust SDK and API.

For more information on Ready Player Me, please visit https://readyplayer.me

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