Saudi Tech Startup HyperSpace has Secured $55 Million for Global Expansion
Saudi Arabian technology startup HyperSpace has secured $55 million in its latest funding round, with the aim of expanding its global presence and enhancing its current offerings.
This funding round, a blend of equity and debt financing, was spearheaded by Galaxy Interactive, a New York-based venture capital fund, and garnered support from the Saudi entertainment initiative Riyadh Season, Sega Ventures, and Apis Venture Partners.
Established in January 2021, HyperSpace, headquartered in Riyadh, specializes in developing multi-brand entertainment attractions and proprietary technology designed to revolutionize the convergence of physical and digital experiences.
Notably, their inaugural entertainment attraction, AYA, situated in Dubai's Wafi Mall, is a digital immersive experience spanning 40,000 square feet and featuring 12 zones.
Over its first nine months in operation, AYA has already sold more than 480,000 tickets.
HyperSpace has Secured $55 Million Investment to Shape the Future of Entertainment
HyperSpace's co-founder and CEO, Alexander Heller, expressed enthusiasm about this investment, emphasizing that it underscores their vision for the future of physical-to-digital entertainment experiences.
With the backing of their investors, the company is committed to continuous innovation, global expansion, and the introduction of their unique attractions to new audiences worldwide, as well as the development of generational brands and intellectual property.
HyperSpace has ambitious plans for the near future, including the opening of two larger parks within the next six months: House of Hype at Riyadh Boulevard and House of Hype at Dubai Mall.
Additionally, they intend to utilize the injected capital to further expand internationally, with a particular focus on entering the US market.
House of Hype, set to open in the kingdom next month, aspires to be the world's most innovative and engaging entertainment park, seamlessly bridging the gap between the physical and digital realms.
The company also intends to invest in its proprietary technology platform, delve deeper into artificial intelligence-driven applications, and allocate resources to intellectual property development to support its ongoing expansion.
Sam Englebardt, co-founder and managing partner of Galaxy Interactive, praised HyperSpace's endeavors, stating that the company is at the forefront of a new entertainment era.
He commended their team of world-class creatives and technologists for crafting the most innovative and captivating entertainment experiences globally.
Alkesh Sharma / The National