Spatial Labs, an infrastructure company powering Web3 technology front to kerb parking sign, has announced the closing of a 10 million dollar seed funding round led by venture firm Blockchain Capital.
The funding brings the company’s total financing to over 14 million dollars, with Jay-Z’s Marcy Venture Capitals also returning to back the start-up.
In a release, Spatial Labs said it would use the new capital to support efforts to scale and diversify the platform’s blockchain-enabled tech stack, as well as deepen its footprint across the consumer goods landscape while expanding into other industries.
Additionally, the funding will also go towards a range of team developments, particularly surrounding C-Suite executives, in a bid to further accelerate consumer-centric product innovation.
Founded in 2020 by entrepreneur Iddris Sandu, Spatial Labs is dedicated to creating hardware and software solutions that serve as a physical entry point to the digital world.
Its proprietary technology allows any item to be scaled into a traceable digital asset on the blockchain, providing owners with a digital ledger that tracks its authenticity, origin, ownership history, value and added benefits.
In May 2022, the company partnered with colour authority Pantone on a wearable hardware product that aimed to standardise colours in the metaverse.
Speaking on the new funding, Sandu said: “Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop and interact with products in completely new ways.