Cypher Capital backs UAE’s Rekt; Ibtikar Fund bets on Jordanian startup
Rekt Studios, a UAE-based blockchain-focused startup, has secured $1.5 million in funding from Cypher Capital.
Rekt said the funding will go towards the development of its gaming metaverse ecosystem, Unseen.
According to the startup, Unseen is a “fully immersive, interoperable decentralised virtual ecosystem centred around gaming, built to be accessible directly through the ownership of any Ethwreum Virtual Machine-compatible Non-Fungible Token (NFT) in existence.”
Rekt Studios was founded in 2021 by Elie Rizek and provides developers and designers with tools to develop blockchain-based products.
Launched earlier this year in Dubai, Cypher Capital is a $100 million VC fund focused on backing startups in web3, blockchain, crypto and other digital assets.
As part of the deal, Bill Qian, Chairman of Cypher Capital, and Rekt Studio’s board advisor “will support the studio’s ambitious plans for operations, partnerships, and growth,” the startup said in its release.
The Palestine-based Ibtikar Fund and the Architects Contracting Company (Arco) have invested an undisclosed amount in Algebra Intelligence, a Jordan-based software development firm focused on the energy sector.
Founded in 2020 by Ahmad Altawafsheh, Ala’a Alghwiri and Batool Almallahi, Algebra Intelligence is a software development firm that integrates AI solutions into the energy sector.
Its flagship solution, TaQTaK, enables its clients to understand their energy usage and wastage and can look to incorporate renewable energy systems, specifically solar energy, to decrease their electricity consumption at lower costs.
Algebra Intelligence will use the new investment to develop AI-based products and to expand into the Saudi market.