Firm Led by NFL Legend Steve Young Helps Take Metaverse-Related Company Movella Public
Movella, a metaverse-adjacent firm that offers motion capture sensors and software, will become a publicly-traded company on Nasdaq through a combination with Pathfinder Acquisition Corporation (PFDR), according to a regulatory filing with the U.S. Securities and Exchange Commission. Pathfinder is a special purpose acquisition company, or SPAC, formed by affiliates of investment firm Industry Ventures and HGtC, a private equity firm that counts former National Football League legend Steve Young as its co-founder, chairman and one of its partners.
The combined entity will be named Movella Holdings, Inc. and will have a pro forma enterprise value of approximately $537 million. Movella will use the proceeds from the transaction to continue to scale its business.
Movella offers advanced sensors, software and analytics related to movement tracking for customers in entertainment, health, sports, automation and mobility. Customers include game studio Electronic Arts, NBC Universal and Siemens.
“Movella is uniquely positioned to provide critical enabling technology for the Metaverse, next-generation gaming and other high-growth emerging end markets and applications in addition to the substantial growth it’s already achieved in its existing markets,” said Pathfinder CEO David Chung in the filing.
While Movella’s technology is used in a broad range of industries, the company has increased its focus on potential Web3 applications. In May, Movella hosted its Motion Capture Content Creators Conference with a distinct focus on the metaverse.
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