Web3 firm Spatial Labs raises $10 million in seed round led by Blockchain Capital

Specialising in Web3-infrastructure, Spatial Labs raised $10 million in seed funding.

We’re excited to back @iddris_sandu as he builds the Wearable Internet. @spatial_labs 🌐 https://t.co/n2bRJXNzMr

— Blockchain Capital (@blockchaincap) January 26, 2023

The round was led by Blockchain Capital. Other investors include Marcy Venture Partners, whose co-founder is rapper Jay-Z.

Last year, the startup raised $4 million in a pre-seed round.

The project was founded in 2020 by Idris Sandu, a 25-year-old Ghanaian. Spatial Labs creates software and hardware tools that connect brands and consumers.

The company’s first development is the LNQ chip, released in May 2022, using Polygon technology for product authentication and creating virtual copies of physical objects.

“LNQ provides users with a single login or ID for all brands they are connected with, and allows them to track the provenance of [products]. Brands, in turn, can access data on how consumers interact with products, and unlock new revenue models,” Sandu explained.

He noted that 10,000 identifiers had been issued in the experimental phase. The project’s mainnet launch is expected in the coming months.

The funds raised will be directed toward product development and team expansion.

Earlier, the gaming Web3 platform Intella X on Polygon attracted $12 million.

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