BlueRun Ventures Leads Pre-A Round Worth Tens of Millions of RMB for WeMeet Metaverse | BlueRun Ventures

Shanghai PGVerse Technology Co., Ltd. (hereinafter referred to as "PGVerse") announced the completion of a tens-of-millions RMB Pre-A funding round, led by BlueRun Ventures and Hanli Capital, with Youshan Capital participating.

A BlueRun Ventures project lead stated: The AGI revolution brought about by ChatGPT will explode in vertical scenarios. PGVerse has chosen the metaverse track that combines online and offline elements — from its underlying AGI-powered spatial computing engine built on AR point clouds and 3D high-precision map data, to its application layer that "strengthens reality through the virtual," guiding users into online and offline scenarios where they interact with the physical world through various devices for "information, services, and experiences," realizing the vision of "space as an entry point."

PGVerse is an independent brand spun off from Wayz.ai, dedicated to applying spatial computing intelligence platforms and spatial AIGC technology to digital-physical symbiotic urban metaverse spaces, creating "digital-physical symbiosis" future offline experiences and services through large-scale spatial virtual-real interactive experiences.

After nearly three years of independent R&D, Wayz.ai led the construction of the "Zhangjiang Science City Metaverse Urban Intelligence Space" covering 4.1 square kilometers in Shanghai's Zhangjiang area, building core application scenarios spanning culture and creative industries, commerce, marketing, education, as well as parks and governance. It stands as a model metaverse technology application in Shanghai for "strengthening reality through the virtual," earning high recognition from the Shanghai municipal government and the industry. Zhangjiang has also become a key metaverse construction base in Shanghai.

This funding will enable the team to focus more intensively on underlying metaverse technologies, including integrated R&D of "scenarios + algorithms + computing power" in spatial computing, AIGC, and 3D cloud services, while accelerating commercial deployment. Leveraging Wayz.ai's accumulated deep expertise in digital twins, artificial intelligence, and geographic information systems, along with its experience in internet content, entertainment, and gaming, PGVerse will work with partners and customers to create innovative metaverse experience hits and achieve commercial value realization.

PGVerse is led by Dr. George Tang, an internationally renowned spatial computing authority, Canadian Research Chair in Spatial Computing, former global head of Microsoft Virtual Earth, and former partner and CEO of PPTV. CEO Fan Xiao is a serial entrepreneur with years of metaverse and AI experience, having served at Accenture, Kunlun Tech, and Ipsos among other major institutions. CTO Liu Quan previously served as a mapping and AI algorithm R&D lead at Google and Alibaba, bringing extensive technical development and engineering deployment experience. Team members bring experience from top-tier domestic and international companies including Google, Microsoft, Magic Leap, Tencent, and NetEase, combining global perspective, world-class technical expertise, and rich entrepreneurial operations experience.

PGVerse has developed an industry-leading spatial computing intelligence platform that enables seamless dynamic perception of indoor and outdoor scenes, real-time high-precision positioning, and dynamic 3D cloud interaction, empowering XR smart terminals including mobile phones, vehicle systems, glasses, and robots with spatial perception and positioning capabilities on par with autonomous driving.

Spatial AIGC can achieve spatial intelligent modeling, 3D interactive experience generation, and digital twin content in offline scenarios. Applied to urban metaverse and more co-created scenarios, spatial AIGC will unleash unlimited imagination, efficiently and personally creating rich metaverse scenes and experiences.

PGVerse views "space as an entry point" as a new opportunity for the urban metaverse, fully utilizing massive offline natural traffic to create a "scenario-data-value" flywheel effect. In 2023, PGVerse will deploy dozens of application scenarios. Through urban metaverse construction, the essence is bringing human experience back to offline and natural physical spaces, enabling immediate, on-the-spot access to information, content, and services right before one's eyes. Riding the wave of the overall metaverse industry's development — from digital humans to gaming and social interaction — PGVerse will empower customers through an entirely new offline metaverse space, supported by ecosystem partners and customers. Currently, PGVerse has built a metaverse park for Shanghai Zhangjiang Artificial Intelligence Island, enabled metaverse finance for Bank of China, brought metaverse marketing to Watsons, and collaborated with universities to create metaverse future campuses and urban metaverse pedestrian streets, among other projects.

On the partnership front, PGVerse has already begun strategic cooperation with multiple hardware manufacturers including AR glasses developer Jiezhi Weizhi (致敬未知) and XR glasses maker Nreal, incorporating more terminals as windows into the urban metaverse. The company is also in discussions with virtual IP companies such as Outfit7 (Talking Tom), and virtual digital human companies. As more IP, culture, education, entertainment, and marketing scenarios emerge, the scale of the urban metaverse will achieve exponential growth, with content richness and scenario scale entering a new order of magnitude.

"PGVerse is creating an entirely new kind of space — a digital-physical symbiotic experience built through spatial computing and spatial AIGC technology, a new paradigm for conversing with physical space," introduced PGVerse CEO Fan Xiao. "By 'transforming' existing spaces and overlaying digital elements such as content and interaction, we bring digital experiences that once existed only on the internet into offline physical environments. This is metaverse technology's incremental innovation to the real world. A metaverse grounded in spatial computing and spatial AIGC breaks the singularity and monotony of physical space, endowing it with infinite imagination and incremental value."

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Originating in Silicon Valley, BlueRun Ventures was established in 2005 as a venture capital firm focused on early-stage startups.

Currently, BlueRun Ventures manages multiple USD and RMB dual-currency funds in China, with assets under management exceeding RMB 15 billion, making it one of the largest early-stage funds domestically. Its investment stage focuses on Pre-A and Series A rounds, covering hard tech and innovative interaction, enterprise technology, new consumer, and healthcare sectors. It has cumulatively invested in over 150 startup companies, including Li Auto, Waterdrop, QingCloud, Guazi.com, Qudian, Songguo Mobility, Ganji.com, Energy Monster, Yuntu Semiconductor, Machenike, CloudSaints Intelligence, AnchNet, and BioMap.

BlueRun Ventures has been ranked #1 in Zero2IPO's "China Top 30 Early-Stage Investment Institutions," #1 in ChinaVenture's "China Best Early-Stage Venture Capital Institutions TOP30," and among Preqin's Top 10 Global VC Fund Managers for Sustained High Returns.

Additionally, BlueRun Ventures has consecutively received honors from Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, Jiemian, and other media organizations, including "China's Best Early-Stage Institution of the Year," "China's Top Venture Capital Institution," "Most Entrepreneur-Friendly Early-Stage Institution of the Year," and "Most Influential Early-Stage Institution of the Year."