San Francisco-based technology startup Illumix just closed a $18 million Series A round of funding, and in a rare move for the Shark Tank star, Mark Cuban contributed.
The company develops platforms for augmented reality (AR) experiences and sees itself as a crucial player in the emerging Web3 and metaverse ecosystems.
"We really think about ourselves as the backbone behind your immersive experiences," said Kirin Sinha, CEO and founder of Illumix.
Historically, those experiences were limited to the gaming and entertainment worlds. Now Illumix has its sights on what it calls "location-based entertainment." Sinha explained that the company wants to bring AR to in-person experiences such as sports games, concerts, and theme parks.
On why Cuban decided to invest, despite his aversion to investing in tech firms, Sinha said he thinks "it really comes down to the scope of this opportunity."
"The idea of the digital and physical worlds coming together has been talked about for some time, but we're really seeing that market timing starting to hit," he added.
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.
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A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
