Spatial Labs, a blockchain infrastructure firm based in Los Angeles, has secured $10 million in seed funding. Blockchain Capital was the round’s lead investor, with Marcy Venture Partners contributing to the effort. The company will use the funds to grow into new markets and industries such as media and entertainment and to scale and diversify the firm’s proprietary blockchain-enabled tech stack. The company also plans to increase its footprint in the consumer goods space and invest more actively in strategic team development aimed at C-suite executives.
After raising $4 million in a pre-seed round in 2021, the company has now raised a total of approximately $14 million. Spatial Labs’ objective is to develop vertically-integrated hardware and software solutions that provide a practical way for consumers and brands to enter the digital realm. Founded by Iddris Sandu, Spatial Labs’ breakout product is the LNQ One Chip, a 13-millimetre microprocessor that can be stitched or inserted into real-world items.
All it takes to turn any physical item into a blockchain-traceable digital asset is a smartphone and the LNQ One Chip. Also, the chip gives users the ability to confirm the origin, authenticity, and other unique attributes of physical items on a blockchain. Moreover, the metadata of each chip (item) is linked to an NFT on Polygon, where brands can add additional data or customize content.
LNQ has other benefits, including loyalty incentive programs, improved analytics and the possibility of offering authentication services, which companies can leverage. The decision to integrate Polygon was informed by the blockchain’s high transaction efficiency and low gas fees. Spatial Labs designed the chip so that it may function independently of the two dominant app markets (Apple’s App Store and Google Play Store). As a result, brands have complete discretion over who has access to what metadata and may customize the data to their satisfaction.
This post was last modified on Jan 26, 2023, 14:53 GMT 14:53