Yuga Labs Restructures and Announces Strategic Investment in Hadean
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Yuga Labs: Restructuring and Layoffs
Yuga Labs, a prominent games company, has recently confirmed its plans for restructuring and staff layoffs. In an email sent to the company’s employees on October 6th, CEO Daniel Alegre addressed the challenging time faced by the industry and the global economy, stressing the need to focus on Yuga’s core strengths while continuing to create engaging experiences for their audience. The restructuring efforts primarily impact team members in the United States, with a review being conducted to assess the impact on international teams.
The exact number of staff affected by the layoffs has not been disclosed, but Yuga still currently employs approximately 120 individuals, according to co-founder Greg Solano.
Hadean Investment in Otherside
Shortly after the announcement regarding the restructuring, Yuga Labs revealed a strategic investment in Hadean, a UK spatial computer company. This investment is aimed at supporting the expansion of Yuga’s Otherside experiences and the implementation of technology necessary for global mass adoption of the metaverse. In order to foster a closer collaboration with Yuga, Hadean plans to utilize the investment to establish a new team based in the United States.
Daniel Alegre, the CEO of Yuga Labs, stated, “As we double down on Otherside and explore the development of unique live experiences in entertainment and gaming, we are thrilled to deepen our commitment by investing in Hadean for the long term. Their unmatched expertise in building immersive experiences across diverse industries, along with their differentiated technology, makes them an ideal partner.”
Collaborations to Enhance Otherside
This recent investment follows a series of collaborations announced in September 2023, all aimed at enhancing the Otherside platform technologically. Yuga Labs entered into agreements with Bad Rhino Studios and Faraway, paving the way for the realization of the full potential of virtual worlds in our daily lives.
Craig Beddis, CEO of Hadean, expressed his enthusiasm about the collaboration, saying, “This latest investment, along with our earlier partnership and commercial agreement, will enable us to collectively unlock the extraordinary potential that virtual worlds offer to our everyday lives.”
Editor Notes: VR Game News Opinion
Yuga Labs’ decision to restructure and invest in Hadean highlights their dedication to creating innovative and immersive experiences in the gaming and entertainment industry. The strategic partnership with Hadean will undoubtedly contribute to the growth and mass adoption of the metaverse, offering exciting possibilities for the future of virtual worlds.
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