By Jasmine Browley ·Updated January 25, 2023
A Black-founded and led blockchain startup is receiving huge cash infusion to disrupt the customer experience.
Spatial Labs—an infrastructure company aimed at revolutionizing consumer experiences—announced the closing of a $10 million seed funding round led by Blockchain Capital, a leading venture firm in the blockchain industry with participation from Marcy Ventures/
Spatial Labs’ latest product, LNQ, is a state-of-the-art chip platform that uses blockchain technology to authenticate products and unlock digital twins
“Our investment in Spatial Labs reflects our view that this technology presents an unparalleled opportunity to solve some of the landscape’s most complex challenges,” said Bart Stephens, Founder & Managing Partner of Blockchain Capital in a news release shared with ESSENCE. “By empowering new business models, delivering immersive experiences, and providing insights into consumer needs, Spatial Labs will continue to shape and power the future of commerce and connectivity in Web3.”
The funding will bolsters their efforts to grow and diversify Spatial Labs’ footprint across the consumer goods landscape, and expand into other industries, including media and entertainment.
“Spatial Labs is designing next-gen technologies to connect brands to younger demographics that shop and interact with products in completely new ways,” said Iddris Sandu, Founder of Spatial Labs in a news release. “Through our technology solutions, we provide brands with rich consumer data and previously inaccessible revenue models,” “The consumer goods industry is at a pivotal inflection point. Partnering with ambitious, innovative investors that align with our core ethos will enable Spatial Labs to continue to deliver the tangible innovations that brands and consumers are asking for.”
Marcy Ventures is again joining the investment round following a pre-seed raise of $4 million.
“Spatial Labs has already demonstrated incredible innovation in technology and culture,” said Larry Marcus Co-Founder and Managing Director of Marcy Venture Partners in a news release. “Iddris and team have the acumen to seamlessly connect products in the physical and digital world, making products that drive user joy,”
Founded by 25-year-old entrepreneur and business creative Iddris Sandu, Spatial Labs is committed to creating vertically integrated hardware and software solutions that serve as a physical entry point into the digital world – while delivering real-world utility. The LNQ One Chip, a proprietary 13mm microchip, allows any item to be scaled into a traceable digital asset on the blockchain and provides owners with a digital ledger that tracks a physical item’s authenticity, origin, ownership history, real-time value and enables added benefits such as loyalty incentives, enhanced insights and more.
In addition to empowering more conscious consumption, the LNQ One Chip opens new post-secondary revenue models and is poised to completely revolutionize the brand-to-consumer relationship in the physical and digital world. This technology provides an effective end-all solution for brands, retailers, and creators to reach and engage with their core audience, resulting in increased loyalty and consumer lifetime value.
More information on Spatial Labs can be found at slabs.one.
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