Florida-based Infinite Reality claims to have raised over $3 billion from a single unnamed investor, positioning itself as one of the year’s largest funding rounds. However, the company faces numerous lawsuits from creditors over unpaid bills and is under scrutiny by the Securities and Exchange Commission (SEC). The company’s CEO, John Acunto, has made bold claims about its valuation and future goals, stating ambitions to reach $50 to $100 billion within the year. Despite these claims, questions arise regarding the legitimacy of the funding and the company’s operations. Acunto’s background also raises concerns, with questionable credentials and a history of unpaid bills. Infinite Reality’s revenue primarily comes from acquisitions, and its valuation seems unusually high compared to similar companies in the metaverse space. The company’s struggles with payments and legal issues further complicate its narrative. Amidst declining interest in metaverse startups due to Meta’s unsuccessful ventures, Infinite Reality’s fundraising announcement stands out as unusual and warrants further investigation.
— new from Forbes