Highlights Profitability achieved in 2023 Improbable submitted its filing to Companies House today. In 2023 the company achieved profitability, validating its technology and business. Excluding on...
Autore: Business Wire
LONDON: Highlights
Herman Narula, Founder and Chief Executive Officer of Improbable declared: "A decade ago, we embarked on the challenging yet immensely rewarding journey of focusing on distributed systems for virtual worlds. Over this period, we have honed our expertise in bringing complex technology products to market, seeded and grown businesses, and developed proprietary technology with significant barriers to entry.
Two years ago, we doubled down on our commitment to the metaverse. In 2023, we recorded revenues of £66 million and achieved a total profit of £11 million, driven by growth, cost discipline, and divestment of high-value assets. We’ve uniquely demonstrated the ability to pursue distinct, real businesses simultaneously. Venture building has proven to be the optimal model for both Improbable and the metaverse, as experimenting with various use cases is key to achieving adoption.
Through strategic investments in both large partnerships and start-ups, we continue to advance the case for the metaverse. Our ambition is to shape the future, and our experience provides us with unique insights to do so. I extend my heartfelt thanks to our leadership team, especially our CFO, Dan Odell, for their unwavering dedication in propelling Improbable to its current place of strength."
Dan Odell, Chief Financial Officer: “Entering 2024, we have significantly improved our cost structure, and can count on a strong capital position further supported by the successful exits of our first ventures. Improbable has laid the foundation for executing on its Venture Builder strategy. The portfolio of ventures as we enter 2024 is exciting and I trust in the future success of the business.”
Peter Lipka, Chief Operating Officer: “We believe that there are significant unaddressed opportunities in the AI, web3 and metaverse sectors. We aim to identify founders that we can help accelerate by unlocking the capital they need, and providing a foundation for them to operate on. Our goal is for our venture builder model to be the best place to start a business in these sectors.”
Rob Whitehead, Chief Product Officer: “We are proud to continue hosting the highest density virtual events in the world. After primarily using this technology internally, we are thrilled to start opening our platform to external developers later this year, starting with Yuga Lab's Otherside Developer Kit (ODK). Our next steps involve enhancing this toolset, further developing interoperability on our network, advancing blockchain technology for metaverse applications, and exploring the transformative impact of Generative AI.”
Improbable is a start-up that has been at the forefront of building virtual worlds for over a decade.
We believe that the metaverse is an opportunity for communities, companies and brands to have a positive social and economic impact in the real world. Today, we are initiating new technologies, models and partnerships to venture further into new worlds.
Fonte: Business Wire