News Startups

Dubai-based HyperSpace raises $11m in seed funding round


RIYADH: HyperSpace, a company building the world’s first Blockchain enabled and Extended Reality (XR) native physical attractions, has raised $11 million in equity and development seed funding, a statement revealed.

The aim is to use the investment to create immersive entertainment attractions for a social media and metaverse generation, the company said.

Led by Introsight and Dubai Financier Mohammed Afkhami, the funding is one of the largest seed rounds ever seen in the Middle East region, according to the statement.

GoPuff Founder and CEOs Yakir Gola and Rafael Ilishayev, Bolur Capital, Farbro Group, and Scott Ross of HillPath Capital Partners participated in the round.

The funding will be used to develop proprietary-owned technologies that will create transparent blockchain integration, real-time asset creation, and a living augmented reality (AR) layer over physical space within an entertainment park – bringing the virtual, to reality.

Headquartered in Dubai, HyperSpace is developing a physical front end to the metaverse, purpose-built physical environments with real-time connectivity to digital worlds and lifestyles. 

HyperSpace’s funding will support the development of the interconnected software platform and real-world locations to create a bridge to the metaverse, Founder and CEO, Alexander Heller, said.

The metaverse is a natural progression of our digital and physical lives converging.  

HyperSpace plans to open two entertainment parks in Dubai in the second half of 2022 – House of Hype in Dubai Mall across 100,000 sq. ft, and AYA at Wafi City across 40,000 sq. ft.