Web3 Entertainment Developer, Sortium Nets $7.75 Million in Seed Round
Sortium announced completing a successful fundraising round for the seed capital. The developer for Web3-oriented technology in entertainment attracted several investors led by Arca, known for its crypto funding. The participants portrayed Web3 infrastructure advancements as a critical channel facilitating the inclusion of brands and individuals into the crypto ecosystem.
Sortium Funding Round Attracts Crypto-native Firms
The funding details were disclosed in the recent filing by the firm to US Securities and Exchange Commission (SEC). Sortium chief executive Marc Seal echoed the SEC filing’s details confirming Arca’s participation. Nonetheless, Seal hardly revealed the identity of other participants though he confessed the group comprised crypto-native firms.
Sortium’s successful founding round cements the recent trend where startups are evidently raising capital despite the prolonged crypto winter. In particular, the high-profile collapses witnessed in 2022 left a number of crypto firms struggling with a liquidity crisis, with the unfortunate firms filing for bankruptcy protection when unable to secure fresh capital injection.
Sortium Undeterred by the Crypto Winter
The firm’s earlier SEC filing revealed the Sortium’s projected $14 million in the round. Nevertheless, the awareness of the prevailing crypto winter prompted the company to suspend the pursuit of the full amount. Seal admitted the company started with a $14 million objective.
While the firm backed down from the initial target, the executive confessed to receiving offers capable of completing the financing round. Seal illustrated that Sortium’s management opted not to pursue the target amount but instead prioritized winning strategic partnerships amid the uncertainty gripping today’s crypto landscape.
In his address following the funding round, Seal lauded the input of Sortium’s workforce comprising blockchain-oriented engineers, artificial intelligence and game studio experts able to launch titles autonomously and facilitate the development of games by partners.
Ambitious Sortium Project in Artificial Intelligence and Blockchain
Seal emphasized that Sortium enables individuals to generate, tokenize and simulate. He demonstrated that one could generate three-dimensional assets while consenting with artificial intelligence to accomplish automatic tokenization. Seal considered such accomplishment as aided by its Web3 blockchain layer.
Sortium emphasized its priorities to demonstrate the technological framework to enable partners and clients to comprehend the features of generative artificial intelligence ecosystems and blockchains featuring achievable private economic platforms that are dynamic in nature.
Meanwhile, Sortium plans to introduce play-to-earn games. The product dubbed CosmoGene allows players to develop unique virtual genetic experiments that are AI-backed and with synthetic DNA. A critical attribute of the game is the capability to adapt to the individual.
The firm’s management admitted mulling accepting an additional $2 million in the current seed round from investors seeking inclusion. In addition, the Sean-led enterprise is considering alternatives on how and when to embrace Series A fundraise.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
