Passage, a startup based in Winchester, Va., has raised $6 million in an initial coin offering (ICO) to develop technologies for the metaverse. The funding was led by Akash Ventures, a decentralized peer-to-peer marketplace for cloud compute. Other participants in the ICO included Cogitent Ventures, Vitwit, Chorus One, Hyperchain Capital, Cosmostation, and Druid Ventures.
The metaverse is a virtual space powered by technologies like virtual reality and augmented reality. Passage operates in this space, helping organizations incorporate metaverse elements into their websites and transform into fully immersive metaverse systems. Its technology can convert static pages into interactive places with 3D elements.
Passage began as a creative agency in 2017 and has worked with brands like Warner Brothers, Capitol Records, Amazon Studios, and American Girl. During the Covid-19 pandemic, Passage shifted its focus to meet the growing demand for virtual experiences. The company aimed to create immersive digital environments to help clients engage with their audiences.
With the support of Akash Ventures, Passage plans to leverage AI technology from Sortium AI, a platform for the gaming and virtual production industries. This integration will enhance Passage’s World Builder tool, giving users the ability to customize their virtual worlds with unlimited options.
The funding will enable Passage to continue developing its social dashboard, which was launched in closed alpha in July. The company also plans to further enhance its other technologies. Passage is scheduled to hold a coin sale to the public on August 29 to raise additional funds.
