Improbable, a London-based metaverse start-up

 

Improbable, a London-based metaverse start-up, will sell its unprofitable defense business to NOIA Capital.  The company will transfer around 70 engineers and modelers, as well as ongoing contracts with the U.K.'s Ministry of Defense, to a group of investors led by NOIA Capital. The defense sector of Improbable has been unable to turn a profit, with losses totaling £149M ($186.5M) in 2021. The sale follows layoffs in December 2022 and Improbable's focus on the metaverse. The metaverse is estimated to generate $627B in revenue by 2030, with a compound annual growth rate of 33% between 2020 and 2030. The use of the metaverse in the defense sector offers benefits in personnel training, recruitment, soldier modernization, and supply chain management. Microsoft's Hololens IVAS (integrated visual augmentation system) will be delivered to U.S. soldiers in the field this year.  The Korean Military Academy works with local tech firms to develop AR and VR combat training programs for its army cadets.