Sea Limited enters metaverse arena via investing in Refract’s S$8.5M fund raise

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Singapore tech giant Sea Limited has anchored a fund raise of S$8.5 million for locally-based artificial intelligence powered gaming firm Refract.

The startup will use the funds to develop its wearable full-body motion-capture technology, called AXIS. Refract aims to be a major contender in the extended reality universe and metaverse space.

Extended reality includes immersive technologies such as virtual and augmented reality. Refract said that Sea’s funding follows the startup’s purchase of game developer Deep Dive Studios for an undisclosed amount. Other funding initiatives from Refract include a crowdfunding campaign for AXIS, which raised S$195,389.

The startup’s Deep Dive will help it create more immersive tech gaming titles, like its FreeStriker fighting game that is currently in development.

Refract has over 50 employees and is building a game publishing arm to support its next stage of growth. It has plans to showcase AXIS at the 2022 Global Esports Games in Istanbul.

Image Credit: Refract

Sea eyes immersive and deep tech

According to Refract, Sea’s investment is separate from other initiatives by its gaming arm Garena and there are no specific projects with Garena in the pipeline.

Sea has been making startup investments through Garena and its investment arm Sea Capital. Investments include crypto exchange FTX and blockchain gaming unicorn Forte.

Last year, Garena took part in the funding rounds of Spain-based game studio UnusuAll and France-based PopScreen Games, to name a few.

Featured Image Credit: Sea Limited, Refract

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