From left: Global co-founders CTO Ross Bates, CEO Dave Copps, and President Chris Rhodes, shown in front of their new company logo. [Photo: Michael Samples]
Worlds Enterprises, the Dallas-based creators of the 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 to the ground-floor operations of large industrial companies—with IoT sensors, people, and processes all integrated within a live digital twin. Organizations can use that to scale and rethink their operations in ways that weren’t possible before, said co-founder and CEO Dave Copps.
With a total of $31.2 million raised to date, Worlds bucks a trend in what Copps calls “a more intense” fundraising environment than any he’s seen.
‘There’s a lot of money there,’ but…
Dave Copps, Co-Founder and CEO, Worlds Inc. [Photo: Michael Samples]
“There’s a lot of money out there,” Copps told Dallas Innovates, but “we’re all still waiting for the other shoe to drop. I think that’s going to be in 2023. You’re going to see VCs and funds get pretty hot on their investment.
So how did the World get this $21.2 million?
“We were lucky because what we built was the right thing to get 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 work with see that. We have these calls with them and you see the a-ha moment. It’s really fun to do Zoom calls because you see their eyebrows go up in their forehead and jaw drop a little, and [they’ll say], ‘Wait a minute! Are you saying that you can capture these processes in real time and I know when something is broken or even predict that something is going to break?’ And we say, ‘Yes.'”
“One thing I hear from people is that the things that continue to be invested in are AI related to analytics and automation, because everyone—regardless of the market—is always looking for ways to be more efficient, more productive. And we’re sitting right in the middle of that,” Copps said.
To connect with the ‘founder-friendly’ Moneta Ventures
Before Copps went for his latest raise, he got a tip from Capital Factory that he should talk to Aasim Hasan, a partner and Texas leader at California-based Moneta Ventures.
“He was the first person we talked to,” Copps said. “They seem like a real cultural fit, they’re very founder friendly, and they love our business. [Hasan] talking to us about us being his billion-dollar Texas unicorn. He thought it was going to be a big company and we shared the same vision. And so, we’re delighted to have him as a lead investor. “
Hasan believes the World has “huge potential.”
“Worlds is creating a new 4D infrastructure for building the Industrial Metaverse that is unlike anything we’ve seen on the market, and is reinventing how some of the largest companies in industry doing business,” Hasan said in a statement. “Working with Worlds is easy, fast, and cost-effective for clients. And we see a lot of 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 adoption of the technology at Worlds in industrial companies.
‘Remarkable progress’ since launch in 2021
Worlds was launched in the market in 2021 and is said to be already a trusted AI platform for some of the largest companies in the industry, including Chevron, PETRONAS, and Hillwood Development Co.
The company says it sees exceptional year-over-year growth in 2022, growing ARR by more than 400% over last year while promoting expansions to more clients that will continue throughout 2023. Copps expects “at least” levels of growth next year as well. “We’re definitely still on a hyper-growth curve,” he said. “I don’t see that slowing down anytime soon.”
To help scale the World, Copps plans for his 35-person company to grow to 60 by the end of 2023.
Giving companies ‘one place’ to address a big problem
“We stand out uniquely in a market flooded with point solutions, computer vision companies, digital twin providers, and sensor companies that only address a small part of a is a much bigger problem,” World President Chris Rohde said in a statement. “After hearing from hundreds of digital transformation teams, it’s clear that what’s really needed is a place where all of these things come together. That’s what we’re building at Worlds.”
“Today’s businesses are racing toward a future where the digital and physical worlds fully merge and radically change how they measure, analyze, and transform their businesses. That’s exactly what work at Worlds, and we’re the only company on the planet that can do what we do,” Copps added.
The worlds say that the ability of industrial companies to observe, analyze, and improve operations will become more difficult as they get bigger and faster. One area where this is true is the supply chain.
“Consolidation within the supply chain is huge right now,” Copps said. “Those who don’t spend time on automation, they get left behind—because the returns are astronomical. If you can start automating 60% to 70% of your processes, the savings are unbelievable. “
Align Capital founder: big business sees the potential of the World
Lisa Harris, founder and managing partner of Align Capital, says that big business recognizes the potential of the World
“When we first invested in Worlds, we saw a proven leadership team and unique technology that had the potential to transform how businesses are viewed, automated, and optimized. major companies in the industry,” 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 the World.
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