High Fidelity, a blockchain-based virtual reality platform, said it raised $35 million, backed by crypto investor Mike Novogratz, towards developing a blockchain VR venture.
Hedge fund manager Novogratz's Galaxy Digital has invested $20 million from its Galaxy EOS Ecosystem Fund in High Fidelity's Series D round. Blockchain Capital, a venture capital firm, also joined in the investment round, along with the existing investors, including Breyer Capital, IDG Capital Partners, and Vulcan Capital.
High Fidelity CEO and founder Philip Rosedale said his company has raised more than $70 million so far, and will use the funds to expand R&D, accelerate hiring, and open a new office in Seattle.
Rosedale said, "To reach this scale and to deliver safely on such a promise, VR must be decentralized, including deeply using blockchain technology. Galaxy Digital will guide us capably in adopting that technology and creating the right partnerships with the larger blockchain ecosystem, for example the EOS blockchain where we are currently beta testing integration."
The company said it foresees VR growing to Internet scale over the coming decade, reaching 1 billion people and generating a $1 trillion economy of virtual goods and services.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.