Virtual reality startup Improbable reported an 85% reduction in losses in 2022 after pivoting its focus to the metaverse. The UK company's revenues more than doubled to £78 million ($95 million) as it expanded its work on metaverse experiences. Improbable CEO Herman Narula credited the success to advances in generative artificial intelligence, which allowed the company to ship more products with fewer people. Narula also highlighted the benefits of remote work in creating smaller, more nimble tech companies. Improbable divested two games studios and a defense unit, finishing the year with £140 million in cash.

The post SoftBank-backed Improbable Slashes Losses by 85%, says pivot to the metaverse has paid off appeared first on Balanced News Summary.