The new capital will be used by the start-up for continuous hiring across engineering and to invest further in the core technology of its avatar universe
Avatar technology firm Genies takes its valuation to $1bn following a Series C round. (Credit: Genies)
Genies, a California-based avatar technology company, has secured $150m in a Series C round to take its valuation to $1bn.
The funding round was led by technology investor Silver Lake and included participation from the start-up’s existing investors BOND, Tamarack Global, and NEA.
Previously, Genies had raised $100m from BOND, Breyer Capital, NEA, Tull Investment Group, and others.
The company has built tools such as Genies Avatar Creator OS to help users develop their own avatars, avatar worlds, avatar wearable fashion lines, as well as avatar interactive experiences in web3.
Genies CEO Akash Nigam said: “We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2.
“With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas, and experiences as avatar creations.”
Since its previous funding round in May 2021, Genies has partnered with Universal Music Group and Warner Music Group becoming their “official avatar and digital goods non-fungible token (NFT) provider.”
The start-up is also said to have begun rolling out its mass consumer “avatar creator tools” to small groups. The new tools enable users at all levels of technical ability to build their own Web3-native avatars and avatar fashion collections, and ultimately, avatar homes as well as social experiences.
Recently, Genies launched an avatar ecosystem NFT marketplace called The Warehouse for letting creators buy, sell, and trade the avatar ecosystem creations.
The avatar technology company plans to use the new capital for continuous recruiting across engineering and to invest further in the core technology of its avatar universe.
Silver Lake co-CEO Egon Durban said: “Genies has established its leadership in Web3 with remarkable speed and focus, fueled by a long term vision and clarity of purpose that we have been watching closely and greatly admire.
“We’re excited to partner with and support Akash, his co-founders Evan and Jake, and the entire Genies team as they make it possible for people to build the avatar ecosystems that we believe will drive the next evolution of human expression, communication and creativity.”