Improbable

Improbable, founded in 2012 by Herman Narula and Rob Whitehead, began with the SpatialOS distributed-simulation platform and now builds and backs metaverse, gaming and web3 ventures. It sold its defence and national security business, built on the Skyral platform, to a NOIA Capital-led group in 2023, and it sold The Multiplayer Group for £76.5M. By 2024 it held investments in seven companies. It has raised more than $600M from investors including SoftBank, Andreessen Horowitz, Horizons Ventures and NetEase. Reported revenue was about $82.4M in 2023.