Spatial Labs Raises $10 Million, Leveraging Proprietary Chip

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Spa­tial Labs, a blockchain infra­struc­ture firm based in Los Ange­les, has secured $10 mil­lion in seed fund­ing. Blockchain Cap­i­tal was the round’s lead investor, with Mar­cy Ven­ture Part­ners con­tribut­ing to the effort. The com­pa­ny will use the funds to grow into new mar­kets and indus­tries such as media and enter­tain­ment and to scale and diver­si­fy the firm’s pro­pri­etary blockchain-enabled tech stack. The com­pa­ny also plans to increase its foot­print in the con­sumer goods space and invest more active­ly in strate­gic team devel­op­ment aimed at C‑suite executives.

A proprietary chip that seeks to revolutionize branding

After rais­ing $4 mil­lion in a pre-seed round in 2021, the com­pa­ny has now raised a total of approx­i­mate­ly $14 mil­lion. Spa­tial Labs’ objec­tive is to devel­op ver­ti­cal­ly-inte­grat­ed hard­ware and soft­ware solu­tions that pro­vide a prac­ti­cal way for con­sumers and brands to enter the dig­i­tal realm. Found­ed by Iddris San­du, Spa­tial Labs’ break­out prod­uct is the LNQ One Chip, a 13-mil­lime­tre micro­proces­sor that can be stitched or insert­ed into real-world items.

All it takes to turn any phys­i­cal item into a blockchain-trace­able dig­i­tal asset is a smart­phone and the LNQ One Chip. Also, the chip gives users the abil­i­ty to con­firm the ori­gin, authen­tic­i­ty, and oth­er unique attrib­ut­es of phys­i­cal items on a blockchain. More­over, the meta­da­ta of each chip (item) is linked to an NFT on Poly­gon, where brands can add addi­tion­al data or cus­tomize content. 

LNQ has oth­er ben­e­fits, includ­ing loy­al­ty incen­tive pro­grams, improved ana­lyt­ics and the pos­si­bil­i­ty of offer­ing authen­ti­ca­tion ser­vices, which com­pa­nies can lever­age. The deci­sion to inte­grate Poly­gon was informed by the blockchain’s high trans­ac­tion effi­cien­cy and low gas fees. Spa­tial Labs designed the chip so that it may func­tion inde­pen­dent­ly of the two dom­i­nant app mar­kets (Apple’s App Store and Google Play Store). As a result, brands have com­plete dis­cre­tion over who has access to what meta­da­ta and may cus­tomize the data to their satisfaction. 

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