Herman Narula, CEO of metaverse technology company Improbable, said the company has cut its losses to £19 million (about $23 million) for the 2022 fiscal year, down from £131 million (about $159 million) the previous year, while revenue more than doubled to £78 million (about $95 million) in the same period.

According to Narula, the improved performance is a direct result of its metaverse strategic shift. In April 2022, the company established an interoperable metaverse network called MSquared and received $150 million in financing, led by a16z and SoftBank Vision Fund 2; later that year, the company raised another $100 million, led by blockchain company Elrond. (The Block) #binancepizza