Spatial Labs, a Los Angeles-based web3 infrastructure and hardware company, has raised $10 million in a seed funding round led by Blockchain Capital. The round also included participation from Marcy Venture Partners, an investment firm co-founded by Jay-Z. The funds will be used to develop new products and for growth initiatives. Spatial Labs, which was founded in 2021 by 25-year-old Iddris Sandu, creates embedded microchip hardware called LNQ that allows users to check an item's provenance and history, such as clothes. The funding will also be used to scale and diversify the company's tech stack and expand into other industries beyond consumer goods, including media and entertainment. According to TechCrunch, Sandu is now one of the youngest Black men to raise a double-digit seed round.
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