Echo3D announced on Sunday the investment of roughly $5.5 million USD from chipmaker and telecoms component firm Qualcomm with financial assistance from Remagine Ventures, Konvoy Ventures, and Space Capital LP.
The secured capital enables Echo3D to scale its cloud-based platform that streamlines the distribution of extended reality (XR) software and services.
According to Alon Grinshpoon, the Co-Founder of Echo3D, the funding will enable their firm to create a robust digital infrastructure to distribute 3D data that is crucial for creating immersive applications and games, building the “backbone of the next internet.”
The cofounder added,
“The Metaverse is here and Echo3D is building the tools and network infrastructure to support it. This is a monumental point in time for the Metaverse and the AR/VR ecosystem, and we are excited to have the support of Qualcomm Ventures”
Qualcomm Ventures is applying the capital to allow Echo3D to use its XR content management tools across various industries for training, advertising, non-fungible token (NFT) trading, and gaming.
Furthermore, Echo3D aims to optimise its infrastructure for cross-platform distribution, including smartphones, headsets, and smart glasses. Echo3D’s service also tracks valuable metrics and analytics to monitor user performance across compatible distribution avenues.
Previously, Echo3D gained funding from Qualcomm through the firm’s Snapdragon Spaces division. The tech giant offered Echo3D roughly $4 million in October last year as a part of a Metaverse Fund. Additionally, key XR firms Meta and Verizon have also backed Echo3D’s distribution network with grants and funding.
Snapdragon Spaces to Power Web3
The news comes after Qualcomm introduced Snapdragon Spaces last year as an XR software development kit (SDK), enabling the streamlined creation of immersive software.
The platform allows augmented, virtual, and mixed reality (AR/VR/MR) developers to design unique consumer and business-to-business solutions across Qualcomm-supported devices.
In May, the telecommunications firm announced a partnership with T-Mobile to accelerate the production of 5G-ready XR applications.
The alliance secures international XR startups with support and resources to assist the delivery of immersive applications for hardware like smartphones and smart glasses. Featured brands include NFT platform Krikey, immersive learning service VictoryXR, cloud-streaming solution Mawari, and more.
During a RealWear roundtable in May, the Industry 4.0 firm hosted numerous speakers discussing the future of XR in the workplace.
During the online event, Brian Vogelsang, Senior Director of Product Management in AR at Qualcomm, explained that industry 4.0 immersive solutions from groups such as Snapdragon Spaces would provide digital solutions to assist with the daily operations in industrial enterprises.