NBST - Infinite Reality Closes $350 Million Investment; Acquires Landvault in $450 Million Deal Valuation Soars to $5.1 Billion | Benzinga
BOSTON, July 09, 2024 (GLOBE NEWSWIRE) -- Newbury Street Acquisition Corporation (NASDAQ:NBST) ("Newbury" or "NBST"), announced today that Infinite Reality ("iR or the "Company"), an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies, today announced a $350 million minority investment from a private multi-family office focused on global technology, media, and real estate, elevating the Company's valuation to $5.1 billion. This investment, entirely in equity and not debt, is new and separate from iR's goal to complete the previously announced SPAC transaction with Newbury Street Acquisition Corporation (NASDAQ:NBST) ("Newbury" or "NBST"). The $350 million will be deployed immediately to accelerate growth.
Additionally, iR announced the $450 million acquisition of Landvault, a tech company specializing in immersive technology and digital twins for Fortune 500 companies and government organizations. This all-stock transaction solidifies iR's foundation to lead the revolution in immersive digital environments. The proceeds from the significant investment and the integration of Landvault's cutting-edge tools and expertise in crafting high-fidelity virtual worlds support Infinite Reality's aim to be the leader in delivering innovative spatial computing and AI-powered capabilities that empower brands to better engage and monetize their audiences. Today's deals, coupled with the Company's previously announced acquisitions of The Drone Racing League ($250 million), Ethereal Engine ($75 million), Action Face ($10 million), and Stakes ($8 million), bring Infinite Reality's total year-to-date transaction value to $800 million.
Tom Bushey, Chief Executive Officer of Newbury commented, "These two transactions bolster Infinite Reality's financial position and technology offerings at an important time as the Company pursues its journey towards becoming a publicly traded company with Newbury. This year alone we have seen iR go from strength to strength, and we are excited to see how the Company performs as it enters the next phase of its growth plan."
As immersive experiences and artificial intelligence continue to reshape industries, Landvault stands at the forefront of driving technological advancements. The company's suite of tools and infrastructure enable the creation, local domain hosting, measurement, and monetization of immersive experiences, accelerating the growth and scalability of the 3-D internet while putting more data in the hands of businesses. An established industry trailblazer, the company has built over 1.2 million square feet in virtual experiences for countless high-profile brands including Mastercard, Standard Chartered, Hershey, and more. Landvault's impressive portfolio includes award-winning projects such as their work with Dentsu on the Cannes Lion-winning campaign created for Heineken, showcasing the company's ability to blend creativity with emerging technology. Other notable collaborations include projects with Hershey in Decentraland, the World of Women experience in The Sandbox, as well as upcoming high-profile projects and partnerships in the Middle East, including initiatives with the UAE and Saudi Government, local tourism boards and real estate companies.
"Now, having joined forces with Landvault and secured this $350 million fundraise, we possess robust capitalization, financial flexibility, and a fortified position from which to successfully execute our global go-to-market strategy," said John Acunto, Co-Founder and CEO of Infinite Reality. "Adding Landvault, with their substantial presence in the Middle East and Europe, supports our plans for market expansion and helps establish the Infinite Reality brand as a global leader in immersive tech. We look forward to integrating Landvault's hundreds of clients into the Infinite Reality family, further enhancing our reach and capabilities."
Following the acquisition, Landvault's existing employees and creative teams will join the iR team, ensuring continuity and the retention of top talent. Landvault's presence across the Middle East will also remain operational, expanding iR's global footprint and supporting ongoing projects and client relationships. Sam Huber, Founder & CEO of Landvault, will take on the new role of Global President of Enterprise and CEO of MENA Region (Middle East and Northern Africa), further strengthening Infinite Reality's presence and strategic initiatives in the region. As iR continues its go-public strategy in the U.S., the Company's newly-expanded global structure also paves ...