Invisible Universe, an internet-based animation studio, raised $12 million in Series A funding, the company's CEO Tricia Biggio tells Axios.
Why it matters: There's been a surge in content startups looking to build the next generation of IP using web3 and challenging Hollywood's studio model.
Details: Biggio argues the community-based approach that is the central tenet of web3 allows the company to build IP with franchise potential faster.
Of note: The company said it will use the funds to launch new IP and expand to new platforms, as well as continue to monetize its existing IP.
Catch up quick: Williams helped to create Invisible Universe's most popular character Qai Qai, based on Williams and Ohanian's daughter's real-life doll after it become a popular social media meme.
What's next: Invisible Universe launches the web series "The R3al Metaverse" on Aug. 30.
