Jadu

About Jadu

Jadu is a Los Angeles-based company operating at the intersection of augmented reality and Web3. Founded in 2020 by Asad J. Malik and Jack Gerrad, the company is developing a platform for AR gaming. Malik, who serves as CEO, has a background in creating narrative AR experiences for headsets, with projects premiering at Tribeca and Sundance film festivals. This experience informed Jadu's direction, shifting from headset-based projects to a more accessible mobile-first approach.

The company's core product is a mobile AR application that functions as a world-scale gaming platform, which it calls the "Mirrorverse". This platform allows users to bring their 3D NFT avatars to life in the real world, engaging in player-versus-player (PvP) battles. Unlike first-person AR experiences like Pokémon Go, Jadu utilizes a third-person perspective, allowing players to control their avatar's movements within their physical surroundings, effectively turning any space into a game level. The app integrates with players' Ethereum wallets, enabling the use of avatars from various popular NFT collections, including Deadfellaz, CyberKongz, and Meebits.

Jadu's business model is centered on the sale of virtual items as NFTs. The company's initial revenue streams included the sale of in-game accessories such as Jetpacks and Hoverboards, which provide avatars with abilities like flight. These collections, some created in collaboration with figures like Lewis Hamilton, Grimes, and Snoop Dogg, generated over $5 million in primary sales. The company also earns a 5% commission on secondary market sales of its NFTs on platforms like OpenSea. A significant milestone was the launch of its own collection of 11,111 robot avatars, called AVAs, designed in part by filmmaker Michael Bay. Jadu has secured substantial financial backing, raising a total of $45 million through multiple funding rounds. A notable Series A round in May 2022, led by Bain Capital, brought in $36 million.