Genies raises $150M for Metaverse avatars at over $1B valuation

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Metaverse avatar firm Genies has raised $150 million at a valuation of over $1 billion.

Los Angeles-based Genie creates avatars that individuals can customise to go well with their wants, and it additionally offers avatars for celebrities that can be utilized as stand-ins for them at on-line occasions. The corporate additionally sees them as enabling folks to leap from totally different locations within the metaverse whereas holding a single identification.

Silver Lake led the spherical with participation from Bond, NEA and Tamarack International. The corporate will additional its blockchain-based technique and proceed to roll out the Avatar Creator Device that permits anybody to create their very own avatar, avatar trend assortment, and avatar house and expertise. Nevertheless, Genie shouldn’t be being utilized in video games but.

“We consider the Avatar ecosystem will form Internet 3 in the identical manner that cell apps have outlined Internet 2,” Aakash Nigam, CEO of Genies, mentioned in an announcement. “With each development of the Web, an unlimited new space of ​​entrepreneurial ability units emerges. In Web3, Gen Z goes to be the chief of Avatar Ecosystem Builders Innovation and thru our Creator Instruments, we see them as Avatar Creation. Attempt to empower the wildest imaginations, concepts and experiences.

The corporate now has over 100 workers.

Akash Nigam is the CEO of Genie’s.

Since its final $65 million funding spherical in Could 2021, Genies — which mentioned it has 99% of the superstar avatar market share — has partnered with Common Music Group and Warner Music Group to create every firm’s official avatars and avatars. Digital items may be labored within the type of non-fungible tokens (NFTs). ) the supplier.

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Genies has rolled out its mass shopper avatar creator device for small teams into a private . began rolling out by way of [invitation-only] The beta permits customers at each stage of technical means to create their very own web3-native avatar and avatar trend collections, and eventually, avatar properties and social experiences.

As a core pillar of Genie’s imaginative and prescient, creators have full possession and commercialization rights to their Genie avatar creations and might use them in any manner they need – from making a present or film or beginning a brand new model. Unlocking fully novel types of creativity. , expression and monetization.

“It takes a really particular group to function and construct on the intersection of tradition, digital belongings and identification,” Jamie Lee and John McCormick of Tamarack International mentioned in an announcement. “From its place because the forefront of creativity and commerce, Genies is creating infinite alternatives for self-expression.”

Genies not too long ago launched The Warehouse, an avatar ecosystem NFT market that permits creators to purchase, promote and commerce these avatar ecosystem creations. All creations are molded on Dapper Labs’ blockchain community, Movement. To turn out to be a Genie Avatar trend vendor, or to design and promote your individual avatar species, apply right here.

Rick Yang, Basic Accomplice and Head of Shopper Funding at NEA, mentioned in an announcement, “I’m delighted to see the Genie’s group lead the Avatar area since 2016.” “They uniquely perceive what shoppers and producers really need and are enabling the last word avatar ecosystem for all.”

The brand new injection of capital will likely be used to drive continued hiring in engineering and additional investments within the core expertise of the Genie’s Avatar universe.

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