High Fidelity was founded in April 2013 by Second Life founder and former CEO Philip Rosedale, Ryan Downe Karpf, and Irena Freidrica Heiberger. The company was formed to create a next-generation virtual reality platform featuring low latency, spatialized 3D audio, high-detail environments, realistic avatars, and a working economy built on blockchain.
High Fidelity raised 2.4 million dollars in early 2013, led by True Ventures and Google Ventures. In 2015, it raised an additional 11 million dollars from Vulcan Capital, and in December 2016, it raised another 22 million dollars in an investment round let by IDG Capital and Breyer Capital. In June 2018, it raised 35 million dollars led by blockchain investment firm Galaxy Digital Ventures and Blockchain Capital.