Spatial Labs, a web3 infrastructure and hardware company based in Los Angeles, has closed a $10 million seed funding round led by Blockchain Capital to develop new products and for growth initiatives.
The round also included Marcy Venture Partners, an investment firm co-founded by musician and entrepreneur Jay-Z.
Founded in 2021 by Iddris Sandu, a 25-year-old Ghanaian-born, California-based entrepreneur, Spatial Labs creates embedded microchip hardware called LNQ that allows users to check an item’s provenance and past history – usually clothes. Almost like a QR code, tapping the LNQ chip with a phone unlocked online and in-person experiences, such as virtual concerts.
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The new funding will go toward scaling and diversifying its tech stack and expanding beyond consumer goods into other industries, including media and entertainment.
