01:05 PM EDT, 07/09/2024 (MT Newswires) -- Newbury Street Acquisition ( NBST ) said Tuesday its acquisition target Infinite Reality received a $350 million minority investment from a private multifamily office, raising its valuation to $5.1 billion.

The company said the investment is entirely in equity, not debt, and is separate from Infinite Reality's proposed business combination transaction with Newbury Street.

Infinite Reality will use the proceeds from the investment to accelerate growth.

Infinite Reality also acquired Landvault that specializes in immersive technology and digital twins in an all-stock transaction worth $450 million.