AI × Media × Spatial Intelligence × Game Tech
Altered Ventures is a Silicon Valley VC fund backing founders at the intersection of AI, entertainment, and immersive technology.
30
Years of Experience
2
Funds
24
Fund II Target Cos
130+
Deals Reviewed Q1
The creation bottleneck collapsed.
NETFLIX → INTERPOSITIVE · $600M
Foundation models have rewritten the economics of software creation. The most profound change will happen in media, entertainment, and spatial computing. What once required a studio now ships from a laptop. The platforms that harness this shift will capture outsized value.
Spatial is the next frontier.
WORLD LABS · $1B @ $5B VALUATION
AI that perceives, generates, and reasons about the 3D physical world. World Labs backed by NVIDIA, AMD, and Autodesk. Google shipped XR Blocks + Gemini — describe what you want, get a functional Android XR app in under 60 seconds. When non-engineers build spatial from text, the market expands dramatically.
Altered Ventures invests here.
12 COMPANIES · $10M+ FOLLOW-ON
Pre-seed and seed founders building AI-native tools for media, interactive entertainment infrastructure, and spatial experiences. Our edge is vertical pattern recognition. 30 years of operating inside gaming and entertainment, and an operator-GP who has been founder, executive, angel investor and VC.
Sources: Statista, IDC, McKinsey, Deloitte, Mordor Intelligence
MARKET GROWTH
2024 to 2034, USD billion
Source: Statista / IDC / Mordor Intelligence
PORTFOLIO
Fund II made its first investment in October 2026: AlterGard. Fund I invested in 12 companies across gaming, early AI (B2C and B2B), media, and immersive technology from 2021 to 2025. Some of the highlights:
Fund II · First Investment
Audiences shape the game live. Studios, creators and streamers share the revenue.
Why We Invested
// News · 2025
Position fully realized in 2025. Post-exit, the team shipped Magic Madness VR on Meta Quest and launched an AI Builder that generates 3D environments from natural language.
Victoria VR
Immersive Tech
// News · Sep 2025
Token rails went live via Republic, adding an on-chain monetization layer to the AR platform. $5.2M in virtual land transacted to date; 23K+ plots sold across 10M bookable real-world venues.
SuperWorld
Spatial Intelligence
// News · May 2025
The fastest-growing sour brand on social media crossed 700M organic views and 240K YouTube subscribers. Cultural moat continues to widen faster than distribution.
Final Boss Sour
Gaming / Consumer
// News · 2025
Now serving 2,800+ businesses across 20+ countries. Infrastructure-tier validation from NVIDIA and Meta unlocks co-GTM motions on top of the Ulu Ventures-led $3.7M seed.
LeadSales
AI / B2B SaaS
// News · Jan 2026
Regulatory approval flips KredFeed into a licensed Mexican financial entity. $550M+ MXN financed with 24-hour disbursement and up to 95% advance rates on receivables.
KredFeed
AI / FinTech
// News · 2026
Computer-vision stack now running against live freight routes, giving logistics operators per-trip visibility into driver behavior, fuel, and route efficiency.
Chofex
AI / Logistics
// News · 2025
2,500+ attendees at the 2025 edition, $25K developer prize, and an Abu Dhabi expansion in planning. A live event platform the fund uses to source and showcase emerging indie studios across LATAM.
Supernova Indie Games
Gaming / Platform
// News · Oct 2026
"Por game devs, para game devs." The B2B conference continues to anchor the fund's deal-sourcing and founder-development network. 2025 edition hosted participants from 8+ countries.
Game Conference MX
Gaming / B2B
GENERAL PARTNER
General Partner
Mario brings 30 years of operating experience across gaming, media, and technology. As Director of Emerging Markets and the leader who opened Latin America at Electronic Arts, he built EA's LATAM business from the ground up and expanded into new markets globally. He co-founded EGS (Electronic Game Show), which ran for 21 years as one of Latin America's premier gaming events, alongside Atomix and Sputnik, landmark publications in the Spanish-language gaming media space.
An active angel investor since 2011, Mario founded Altered Ventures in 2016 to formalize his thesis around the future of media and immersive technology. Fund I backed 12 companies across AI, gaming, and spatial computing, with portfolio companies raising over $10M in follow-on capital from institutional investors including Ulu Ventures, Tim Draper, and Republic.
Fund II backs 24 pre-seed and seed-stage companies at the convergence of AI, entertainment, and immersive tech, the industries where the GP has spent three decades building inside.
MEDIA
Podcast
Conversations about technology, AI, markets, and the forces shaping the future. Co-hosted by Mario Valle Reyes with Jorge Alor and Jaime Limón, co-founders of Sputnik and veteran voices in the Latin American tech and gaming ecosystem.
FUND II — INVESTMENT THESIS
0
TARGET COS
Pre-Seed & Seed
STAGE
AI MEDIA
AI + Entertainment
GAME INFRA
Infrastructure & Tech
SPATIAL
Immersive Intelligence
Connect With Us
For partnership opportunities or to submit a deal, reach out directly.
