Hong Kong – August 11th, 2023 – AI and Web3 startup Moonbox announced today that it has successfully raised $USD2.5million in a Strategic Round financing. Led by OKX Ventures, with participation from Lingfeng Innovation Fund (“LIF”), Bing Ventures, Leland Ventures, Hailstone Labs, and Nexara Ventures amongst others, the move drives the valuation of the startup established early this year to approximately USD$50million.
Since successfully acquiring the licensing rights to produce NFTs with the intellectual property (IP) of classic Stephen Chow films, such as “Journey to the West: Conquering the Demons,” “Journey to the West: The Demons Strike Back” and “The Mermaid”, Moonbox is in the midst of launching a series of AI-powered NFTs and applications inspired by the art and film industry by the end of 2023.
Believing in the growing application of AI in different industries, since the beginning of 2023, the Moonbox team has actively begun to explore different ways to synergize AI and Web3, with a focus to developing potential mass adoption use cases, especially in the film, entertainment and media industries. Moonbox will use the investment to accelerate product growth and continue to develop its core technology, which is centered on building applications powered by the latest AI generative technologies for use in Web3 and NFT applications.
Nicole Zhang, Partner at LIF said: “Moonbox combines the best features of Web3.0 and generative AI, leveraging Web3.0 decentralisation and incentive schemes to build LLM-based NFT products together with the community. We are beyond excited for this new era of creator economy led by Moonbox.”
Bruce Lan, Venture Partner at Bing Ventures, said: “We have unwavering confidence in Moonbox’s potential, firmly believing they can deftly merge cutting-edge technology with the IP of Mr. Stephen Chow. Reflecting on the past, we’ve observed successful convergence of diverse technologies, NFTs and the Web3 ecosystem. This year’s rapid advancement in technologies like ChatGPT and LLAMA, coupled with the emergence of distinct AIGC text-to-image techniques, reinforce Bing Ventures belief that these technological integrations will birth super applications targeting a wide crypto-savvy audience.”
Moonbox Senior Advisor Ignious Yong said: “We’re thrilled to have completed our Strategic Round with the support of our initial batch of renowned institutions. This allows us to continue our mission at Moonbox is to power the Web3 ecosystem, NFTs in particular, by providing fully interactive experiences with the use of AI generative technology. Going forward, we are looking to launch our AI Interactive platform between Q4 of this year and Q2 of 2024.”
Aspiring to become one of the world’s premier companies to develop immersive experiences for individuals through generative AI, Moonbox strongly believes that a Web3 community based approach would allow greater participation for the general public in the NFT space. An AI interactive layer that allows NFTs to better engage, entertain and empower greater economic value in future would create a sustainable feedback loop that encourages the use of NFTs in future content production, including films, short video productions, virtual idols, and many others. Moonbox aims to launch its AI interactive platform between Q4 of 2023 and Q2 of 2024.
For further information, please contact:
Contact@moonbox.com
About Moonbox
Moonbox is a Hong Kong based AI and Web3 based startup focused on developing an AI interactive protocol that can give life to different digital assets, including NFTs. In July 2023, the Company was successfully granted the use of Mr. Stephen Chow’s cinematic IPs for use in NFTs.
Moonbox believes that the next wave of Web3 would be in the mass adoption stage, and is actively developing its technology to deliver greater value to both the movie industry and the Web3 ecosystem.
About OKX Ventures
OKX Ventures is the investment arm of OKX, a leading global crypto exchange and innovative Web3 company. OKX Ventures focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
About LIF
LIF was founded in May 2022, by veterans from traditional finance fintech as well as Web3.0. LIF is a Web3.0 only fund based in Singapore, operating under Singapore’s CMS license. To date, LIF has already invested 20+ early stage Web3.0 projects, across infrastructure, games, DeFi etc. LIF invests in “ABC” narratives that bring value and innovation to Web3.0. “A” for “Access”, the essential gateway and toolings to bring billion users to Web3.0; “B” for “Better Blockchain”, the everlasting efforts to make blockchain more frictionless, secure and faster; “C” for “Content”, the true liberation to bring more creators and contributors to Web3.0 with more fair financial incentives.
About Bing Ventures
Bing Ventures is a pioneering venture capital firm that backs entrepreneurs and early-stage startups driving the next wave of Web3 and blockchain innovations.
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Contact Person: Yakov Lebedev
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City: Singapore
Country: HongKong
Website: https://www.okx.com/ventures