Improbable, a five-year old London-based virtual reality start-up, has raised $502 million in funding and is now valued at over $1 billion. The investment in the firm was led by Japanese company SoftBank which will get a “non-controlling” stake in Improbable.
“We believe that the next major phase in computing will be the emergence of large-scale virtual worlds which enrich human experience and change how we understand the real world,” Improbable Chief Executive Herman Narula said.
Narula added that the firm has been developing the “foundational infrastructure” which will help materialize this idea and create “massive-scale virtual worlds or simulate the real world.”
Meanwhile, SoftBank’s managing director, Deep Nishar, claimed that, besides its use in gaming, the new technology “has the potential” to be put to good use in several fields, as it can “help us explore disease, improve cities, understand economies and solve complex problems on a previously unimaginable scale.”