Odaily Planet Daily News Yuan Universe Technology Company Improbable CEO Herman Narula said that the company has cut its losses in fiscal year 2022 to 19 million pounds (about 23 million U.S. dollars), down from 131 million pounds (about 23 million U.S. dollars) the previous year. ($159 million), while revenue more than doubled to £78 million ($95 million) during the same period.
According to Narula, the improved performance is a direct result of its metaverse strategic shift. In April 2022, the company established an interoperable metaverse network called MSquared and received US$150 million in financing, led by a16z and SoftBank Vision Fund 2; later in the same year, the company It raised another $100 million, led by blockchain company Elrond. (The Block)