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Rekt Studios, a UAE-based blockchain-focused startup, has secured $1.5 million in funding from Cypher Capital.
Rekt said the funding will be used to develop Unseen, its gaming metaverse ecosystem.
According to the startup, Unseen is a “fully immersive, interoperable decentralized virtual ecosystem, centered around games, that can Direct access to ownership of tokens (NFTs).”
Founded by Elie Rizek in 2021, Rekt Studios provides developers and designers with tools to develop blockchain-based products.
Launched in Dubai earlier this year, Cypher Capital is a $100 million venture capital fund focused on backing startups in the web3, blockchain, crypto and other digital asset space.
As part of the deal, Cypher Capital Chairman Bill Qian and Rekt Studio’s board advisors “will support the studio’s ambitious operations, partnerships and growth plans,” the startup said in a release.
Ibitica Fund
Palestine-based Ibtikar Fund and Architects Contracting Company (Arco) have invested an undisclosed amount in Algebra Intelligence, a Jordan-based software development company focused on the energy sector.
Founded in 2020 by Ahmad Altawafsheh, Ala’a Alghwiri and Batool Almallahi, Algebra Intelligence is a software development company integrating AI solutions into the energy sector.
Its flagship solution, TaQTaK, enables customers to understand their energy use and waste, and can consider renewable energy systems, especially solar, to reduce electricity consumption at a lower cost.
Algebra Intelligence will use the new investment to develop AI-based products and enter the Saudi market.
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