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Improbable Worlds, a London-based platform for third-party virtual reality and simulated world game developers, has raised $502 million in Series B funding. SoftBank led the deal in exchange for a minority stake, and was joined by return backers Andreessen Horowitz and Horizons Ventures.

Why it matters: This appears to be the largest "venture capital" investment ever in a European startup, let alone in the software space. It's also yet another massive check from SoftBank, which did this deal off its balance sheet instead of via Vision Fund (although don't be shocked if this, and some other recent SoftBank investments, get rolled into Vision once it closes).

Quotable: "AI gets all the press, [but] this idea of recreating reality is going to become something in the public consciousness that's as important, as significant, as artificial intelligence." ― Improbable CEO Herman Narula to Wired

Go deeper

Texas AG sues Biden administration over deportation freeze

Texas Attorney General Kenneth Paxton speaks to members of the media in front of the U.S. Supreme Court
in 2016. Photo: Alex Wong/Getty Images

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

Dan Primack, author of Pro Rata
50 mins ago - Podcasts

Carbon Health's CEO on unsticking the vaccine bottleneck

President Biden has said that getting Americans vaccinated for COVID-19 is his administration’s top priority given an initial rollout plagued by organizational, logistical and technical glitches.

Axios Re:Cap digs into the bottlenecks and how to unclog them with Carbon Health chief executive Eren Bali, whose company recently began helping to manage vaccinations in Los Angeles.