Avatar startup Genies Inc has secured $65 million in its latest Series B funding round led by Mary Meeker’s firm, Bond. The Genies funding round was also widely backed by top cryptocurrency players including Coinbase Ventures, and Dapper Labs. Participation from NEA, Breyer Capital, Polychain Capital, Tull Investment Group, and NetEase amongst others was also reported.
The funding represents a major landmark for the digital identity startup that has deployed its technology to help people create a digital version of themselves, and use this in social interactions. For what Genies has done over the years, the cash raised is evidence that the broader space is observing its creations and the interest from investors is a morale boost to expand on this technology.
The core uniqueness of Genies involves the firm making it possible for people to create an Avatar of themselves through mobile applications available on Android and iOS-enabled devices. A lot of flexibility comes with these created Avatars as there is a repository of costumes to dress them up to taste.
“The internet was initially created as a safe place to be your fully authentic self. Lately, we’ve gotten away from that,” said Akash Nigam, chief executive of Genies. “We believe that avatars are able to help swing the pendulum back to the internet’s founding philosophy and enable humans to harness and express emotions in unique, authentic, and therapeutic ways.”
The Genies platform has a growing pioneering partnership with celebrities including Justin Bieber, Cardi B, and Shawn Mendes with 20-year old music superstar Camilla Cabello joining the list of backers in this latest funding round.
“Genies has opened the door to a new type of virtual self-expression that is changing the way we interact with one another online – starting with celebrities and moving to all of us,” Bond Capital’s Meeker said in a press release.
Mary Meeker will now be joining the board of Genies, following this funding round.
Avatar Genies Platform Funding to Help Build Its Core Technology
According to a Coindesk report, Genies funding will help the Avatar firm build out the technology powering its digital identity innovation. Genies have a lot of initiatives to solidify its offerings up its sleeves, as a partnership with both Giphy and Dapper Labs is billed to further propound its products across the board.
Giphy is a search engine repository of short animated GIFs that notably make it easy to embed such animations into text chat conversations. The Genies-Giphy partnership will help make it easier for Genies Avatars and their unique features to be dropped in text chats across several social media platforms.
Per an earlier Coinspeaker report, Genies is in active partnership with Dapper Labs to build out a Non-Fungible Token (NFT) marketplace where Avatar accessories can be acquired, sold, and traded in general. The trading platform is billed to be launched sometime in the summer.
Ingenious as Genies comes off at this time, with its bid to integrate the growing NFT metaverse into its ecosystem, Nigam said as reported by TechCrunch that the firm will always be an Avatar-focused company.