Manish Maheshwari’s immersive virtual education technology platform Invact Metaversity has raised its first round of funding at a valuation of $33 million from 70 global entrepreneurs, including Kishore Biyani, TV Mohandas Pai, Ritesh Malik, and Kirthiga Reddy.
While Maheshwari did not specify the value of the round, he did say that he diluted less than 15% of the company’s stock.
“We will use the capital primarily for building the platform, hiring engineers, illustrators and 3D designers. The first batch will start in May with 60 students. It will be a four months business foundation MBA,” Maheshwari told on February 7.
Maheshwari added that leaders from global firms such as Microsoft, Facebook parent Meta, Coinbase, Google, Twitter, Uber, Amazon, Softbank, Spotify, GoJek, LinkedIn, and Disney took part in the funding round.
The company will innovate in three dimensions for students: virtual experience, virtual identity, and virtual assets.
“We will be primarily working on creating a virtual experience vs attending a Zoom or Meet call. A lot of learning happens outside the classroom. The technology has become so advanced you can bring an immersive experience of being outside your classroom, sitting in a cafeteria. How powerful would that be,” Maheshwari said over the phone.
The platform will permit students to communicate with each other and their teachers through animated avatars regardless of their physical location. By enabling students to hang out together in virtual spaces, it would also facilitate peer-to-peer learning, adding a community layer that was missing in online education, he stated.
In December, Maheshwari, who had resettled to the US as the senior director, global strategy and operations of Twitter, left the social platform to establish his edtech startup.
Metaverse has been in the spotlight over the past few months for its potential to transform new-age enterprises—from education to entertainment. Investors around the globe are seeking options to finance in this division. Maheshwari launched the company along with Tanay Pratap, a senior software engineer with Microsoft and is now the chief technology officer of Invact Metaversity.
“The hardware is cheaper, the network is ubiquitous, and the world is getting ready for a more immersive experience in work and otherwise. Education is ripe to be disrupted with Invact Metaversity,” Pratap said in a statement.
