Worlds Enterprises, the Dallas-based creators of a new 4D infrastructure for building the Industrial Metaverse, has completed a $21.2 million Series A1 funding round led by Moneta Ventures with participation from existing investors Align Capital, Green Park & Golf Ventures, Chevron Technology Ventures, Piva Capital, Perot Jain, and Capital Factory.
The Worlds Industrial Metaverse platform brings AI-based automation directly into the ground-floor operations of large industrial companies—with IoT sensors, people, and processes all coming together inside a live digital twin. Organizations can use that to measure and reimagine their operations in ways that were previously impossible, co-founder and CEO Dave Copps says.
With a total of $31.2 million raised to date, Worlds is bucking a trend in what Copps calls “a much harsher” fundraising environment than any he’s ever seen.
‘There’s plenty of money out there,’ but…
Dave Copps, Co-Founder and CEO, Worlds Inc. [Photo: Michael Samples]
“There’s plenty of money out there,” Copps told Dallas Innovates, but “we all keep waiting for the other shoe to drop. I think that’s going to carry into 2023. You’re going to see VCs and funds kind of just being a little tepid in their investing.”
So how did Worlds snag this $21.2 million?
“We’re fortunate because what we built is the right thing to have at the right time,” Copps told us. “I think we’re really in the catbird seat right now.”
“We are a market of one with this platform,” he added. “And I think the companies we’re working with are seeing that. We’ll have these calls with them and you can see the a-ha moment. It’s kind of fun to do Zoom calls because you’ll see their eyebrows move up to their forehead and jaw will drop a little bit, and [they’ll say], ‘Wait a minute! Are you saying that you’re actually going to capture these processes in real-time and I can know when something’s breaking or even predict that something might break?’ And we’re saying, ‘Yep.'”
“One thing I’m hearing from people is that the things that are continuing to get investment are AI related to analytics and automation, because everybody—regardless of the market—is always looking for ways to be more efficient, more productive. And we’re sitting right smack in the middle of that,” Copps said.
On connecting with ‘founder-friendly’ Moneta Ventures
Before Copps went on the road for his latest raise, he got a tip from Capital Factory that he should talk to Aasim Hasan, a partner and Texas leader at Folsom, California-based Moneta Ventures.
“He was the first person we talked with,” Copps said. “They seem like a real cultural fit, they’re very founder-friendly, and they love our business. [Hasan] has spoken to us about us being his billion-dollar Texas unicorns. He thinks this is going to be a huge company and we share that vision. And so, we’re thrilled to have him as lead investor.”
Hasan believes Worlds has “massive potential.”
“Worlds has created a new 4D infrastructure for building the Industrial Metaverse that’s unlike anything else we have seen in the market, and is reinventing how some of the largest industrial companies are doing business,” Hasan said in a statement. “Working with Worlds is also easy, fast, and cost-effective for clients. And we see massive potential for growth.”
Copps’ company plans to use the new funding from Moneta and its other investors to invest in its AI platform, expand key go-to-market partnerships, and further expand the adoption of Worlds’ technology by industrial companies.
‘Remarkable growth’ since 2021 launch
Worlds launched to market in 2021 and says it’s already a trusted AI platform for some of the largest industrial companies, including Chevron, PETRONAS, and Hillwood Development Co.
The company said it saw remarkable year-over-year growth in 2022, growing ARR by more than 400% over the prior year while initiating expansions with multiple clients that will continue throughout 2023. Copps expects “at least” that level of growth in the next year as well. “We’re definitely still kind of on a hyper-growth curve,” he said. “I don’t see that slowing down anytime soon.”
To help scale Worlds, Copps projects his 35-person company will grow to around 60 by end of 2023.
Giving companies ‘one place’ to address a big problem
“We stand unique in a market flooded with point solutions, computer vision companies, digital twin providers, and sensor companies that address only a tiny part of a much larger problem,” Worlds President Chris Rohde said in a statement. “After hearing from hundreds of digital transformation teams, it’s clear that what’s really needed is one place where all of these things come together. That’s what we built with Worlds.”
“Businesses today are racing toward a future where the digital and physical worlds fully converge and radically change how they measure, analyze, and reimagine their businesses. That’s precisely the work of Worlds, and we’re the only company on the planet that can do what we do,” Copps added.
Worlds says the ability of industrial companies to observe, analyze, and improve operations becomes more difficult as they grow larger and faster. One place that’s true is in the supply chain.
“The consolidation inside supply chain is massive right now,” Copps said. “The ones who don’t spend time on automation, they’re going to be left behind—because the returns are so astronomical. When you can start to automate 60% to 70% of your processes, the savings are incredible.”
Align Capital founder: big business sees Worlds’ potential
Lisa Harris, founder and managing partner of Align Capital, says big business has recognized Worlds’ potential
“When we first invested in Worlds, we saw a proven leadership team and unique technology that had the potential to change how large industrial companies see, automate, and optimize their businesses,” Harris said in the statement. “Since Worlds launched its platform, Fortune 100 clients have proven that they see that too. This is why Align Capital is a proud partner and continues to invest in Worlds.”
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