- Hadean aims to give the metaverse scale, security and interoperability with distributed computing.
- The deeptech startup’s technology has been used by the likes of Microsoft and BAE.
- Check out the 28-slide pitch deck used to raise over $30 million from investors including Epic Games.
A British deeptech startup that aims to make building apps for the metaverse cheaper and more efficient has raised over $30 million in a round backed by Fortnite developer Epic Games.
London-based Hadean, founded in 2015, has created infrastructure technology to support the development of virtual worlds increasingly being branded as the metaverse – a proposed vision of the internet as an immersive space that is attracting significant investment from tech giants like Facebook.
Proponents of the metaverse say the technology can have applications for sectors as wide-ranging as gaming and healthcare to defense and entertainment, with Hadean’s technology used by the likes of Microsoft, Sony, Minecraft, BAE, and the Francis Crick Institute.
Hadean has built a distributed computing business that allows multiple machines to be programmed at the same time while ensuring they only use the processing power they need to handle high-performance applications.
For companies trying to build out metaverse operations, that means having access to computational power that allows them to start scaling applications in a more efficient way than at present, which often sees firms overpaying for power according to Hadean CEO Craig Beddis.
“I think the alternative to that is you would throw lots of computational power at it, typically through cloud or your existing data center infrastructure,” he said. “It’s in the interest of the cloud players to encourage you to do that and overplan.”
For Mimi Keshani, COO at Hadean, the metaverse holds the potential to be “the next iteration of the web,” with Hadean making an attempt to bridge the gap between physical and virtual worlds in a way that brings about better decision making and “better live”.
“It’s not just about immersive gaming environments to get lost in,” she said. “It’s actually about how these digital versions of the world overlay and enhance our experiences in the physical world.”
However, experts say the fully-realized version of the metaverse is some distance away. Keshani believes there are several “major technological hurdles” around scale, security, and interoperability that need to be overcome for the idea to become a reality.
“When we think about those ideal virtual worlds they are unbounded, at a huge universe level scale, that scale today is extremely limited,” she said. “These symbiotic physical virtual worlds – we imagine moving between them seamlessly but that interoperability doesn’t exist today.”
It raised the funds in a Series A round led by Molten Ventures, with additional funding from backers including Epic Games, 2050 Capital, Alumni Ventures, Aster Capital, Entrepreneur First and InQTel, taking its total raised to around $50 million.
The funding comes at a tricky time as rising interest rates and soaring inflation have led investors to flee speculative tech companies, leading to an aggressive sell-off that has seen billions of dollars wiped off of the market cap of tech companies this year.
Beddis acknowledged that the metaverse is still “a long way out” but believes that there will be an “evolutionary step” that will continue, as more brands get onboard with using the technology.