Cocos Technology has revealed that it has raised $50 million from the completion of its Series B funding round.
During the round, investments came from participants such as CCB Trust, GGV Capital, and Agora, among others.
With the funds raised, Cocos intends to continue making improvements to its open-source engine’s core technology and will promote the further integration of said engine within various industries. Included among such industries is gaming.
The engine, named Cocos Creator, is a cross-platform interactive digital content development engine and can be used as a creative game development tool. Within the gaming space it was initially used for mobile games specifically and has grown broader since.
Cocos Creator 3.1 officially released in May 2021 with cooperation from Huawei's HiSilicon team. The firm has stated that current developers that utilise its platform include Tencent, NetEase, Ubisoft and Nintendo.
The company launched Cocos Play in 2020 for easier HTML5 integration, and more recently has partnered with Baidu to jointly develop a metaverse.
Another metaverse developer, the Sweden-based Hiber, announced an upgrade to its metaverse platform "HiberWorld" in February with the use of Web3 technology and a next-generation 3D engine. Reportedly, HiberWorld has more than two million virtual worlds within it, being built to be universally accessible with no-code creation.