Web3 Metaverse firm Cosmic Wire has raised millions of dollars in a seed funding round led by the Solana Foundation and Polygon. Cosmic Wire captured $30 million in startup capital funds between the two crypto projects and other investors.
Greg Abbot, FYF Ventures, DMK Family Trust, and Zehner Handa also invested in the firm.
Cosmic Wire’s mission statement is to develop the next generation of the internet by “connecting worlds, empowering creators and transforming industries through Web3 innovation and blockchain solutions.”
Bringing Web3 to reality
Solana and Polygon are the latest blockchain projects to spend big in the metaverse, as cryptocurrency pours money into Web3.
A Cosmic Wire press release touts the rapid inflow of fresh capital as an accelerator for the industry that “will unlock enhanced efficiency and scalability.”
Jerad Finck, the CEO and Founder of Cosmic Wire, talked up the potential of his company, and the wider industry, following the successful fundraising round.
“We are so grateful for the overwhelming support from our investors and partners,” said Finck.
He added, “Thanks to the massive success of the Seed round, we’re now empowering creators, businesses, and entire industry sectors connecting people globally, and transforming the very way we communicate and transact. Cosmic Wire is blazing the path forward driving Web3 in exciting new ways resulting in exponential increases of efficiencies and monetization of systems at scale. We have all seen what Web3 isn’t, now we will show you what it is.”
It is a bold statement of intent from the CEO who finds his company freshly invigorated with investor millions. Cosmic Wire has also been selected to participate in Google Cloud’s Web3 startup program.
The long-awaited moment has arrived!
— Cosmic Wire (@CosmicWireInc) July 19, 2023
Crypto in the metaverse
The news of their investment in Cosmic Wire follows hot on the heels of Ripple’s investment in the AI and metaverse company Futureverse.
As MetaNews reported on Thursday, Futureverse secured a massive capital injection of $54 million in Series A funding.
Ripple’s foray into Web3 follows its successful ruling against the SEC. Ripple is not the only cryptocurrency project recently caught in the sights of the SEC. Coincidentally both Solana and Polygon were recently named in the SEC’s lawsuits against Binance and Coinbase.
All three projects have made significant investments in the metaverse this week, despite the ongoing threat of regulator action, indicating strong confidence in the metaverse sector.
Cosmic Wire secures investment
Based on the recent success of Futureverse and Cosmic Wire, now is a good time for metaverse and Web3 firms to court crypto investors. In March Cosmic Wire secured the help of Lvlup Ventures to help it navigate through the seed stage.
The $30 million investment comes as the culmination of months of work to secure a deal.
Johnny Lee, the general manager of Games, Entertainment, and Media at Solana Foundation explained why the partnership is one to watch.
“We are very excited for Cosmic Wire’s Web3 infrastructure to be built on the Solana network,” said Lee.
Lee went on to say “We are excited for Cosmic Wire to deliver new metaverse experiences on the Solana network that have never been possible before.”