Passage, a Winchester, Va.-based startup developing technologies to enable the metaverse, has raised $6 million in an initial coin offering led by San Francisco-based Akash Ventures, which calls itself the world’s first decentralized peer-to-peer marketplace for cloud compute. Other participants who bought the PASG coins included Cogitent Ventures, Vitwit, Chorus One, Hyperchain Capital, Cosmostation and Druid Ventures.
The metaverse, described as the way of the future, is a 3D virtual space powered by technologies such as virtual reality and augmented reality. It would enable interaction among human users, as well as between humans and avatars. Passage operates in this space, helping organizations quickly add metaverse elements in their websites, or even fully transform into metaverse systems. Its technology converts static pages into immersive, interactive places with 3D and other elements.
“We share a real synergy with the Passage team and are thrilled to have led the private sale,” said Greg Osuri, CEO of Overclock Labs, the creator of Akash Network. “The Passage platform is going to be an incredible place to leverage decentralized cloud and AI tools for creators. Creatives and brands need more high-quality options, and Passage stands out as one of the leaders in innovating this space.”
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Passage began as a creative agency in 2017 and has worked with brands like Warner Brothers, Capitol Records, Amazon Studios and American Girl. Since the Covid-19 pandemic, it has sought to cash in on the rush to virtual. In the new environment, Passage became the solution to meet users’ evolving needs and “we honed in on creating fun, immersive digital environments that helped our clients connect with and engage their audiences,” the company says.
Akash’s backing is expected to bring to Passage some AI smarts. This arises from Akash’s ties with Sortium AI, a cutting-edge platform designed for the gaming and virtual production industries. Integrating Sortium’s technology into Passage’s World Builder will give users unlimited ability to customize their virtual worlds, from retexturing objects to generating full 3D models, the company said.
The funding, Passage said, would help continued development of its social dashboard, which launched in closed alpha earlier in July, and to ramp up other technologies. Passage is also eyeing more funds via a coin sale to the public, scheduled for Aug. 29.
