'Mayaaverse is the new Metaverse': Essel Group's Subhash Chandra on MAI Labs’ VR Launch 

Mayaaverse has been launched in collaboration with Zee Media and TV Tokyo. 
'Mayaaverse is the new Metaverse': Essel Group's Subhash Chandra on MAI Labs’ VR Launch 

Silicon Valley-based immersive tech and Web3 start-up MAI Labs has announced the launch of its own metaverse, called "Mayaaverse,” in India. 

Maayaverse, which has its own location called "MAICity,” can create photorealistic environments that blend the digital and physical worlds by utilizing cutting-edge VR technology and AI. 

Additionally, the company launched its virtual reality (VR) headset, “Lumyn XR,” priced at $700, that will enable users to experience the Mayaaverse. It is expected to come out on the Indian market for sale by the end of 2024. 

Collaboration with Zee Media 

The company has also collaborated with Zee Media in India to experiment with the future of content creation in India through immersive technology by using the technology for Zee. According to top company officials, more collaborations with global media houses and L&D organisations are on the way for the company as it plans to onboard product- and service-based companies to join the platform and create their own presence in the Mayaverse, which can be accessed by customers virtually. 

Talking about the promising technology that Mayaaverse has come up with, Dr. Subhash Chandra, chairman emeritus of the Essel Group, the parent company of Zee, stated that MAI Labs’ vision and tech stack have the capacity to compete with the likes of Apple, and the team shouldn't be “fearful of the big guys” to start with. 

Speaking to Outlook Business, Tapan Sangal, chief executive officer, said that the company has been building the product for the past 4 years and will now focus on promoting and channelising the technology in the country to make it accessible in terms of budget friendliness and its use. 

“We are in the process of raising $50 million at a half-billion valuation by September, which will be sufficient for us to carry out our launches,” he said, talking about the huge investments required in developing the tech stack. 

The company has reportedly raised $17.5 million from global investors at a valuation of $250 million, and the new funds will be deployed towards scaling the new launches. The start-up, based out of Silicon Valley, reportedly has 200 employees across the globe, of whom 90 per cent are based in India, as the company works on expanding its operations in the country. 

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