September 30, 2020 – TetaVi Ltd, a developer of AI-based volumetric video capture technology, has today announced the close of a USD $6 million Series A financing round. The funding, from new and existing investors, brings TetaVi’s total funding to USD $11.3 million. Investors included REDDS Capital. Adways Inc and Angel investor Aaron Stone.
The company has stated that the funds will be used to expand TetaVi’s studio network, widen its geographic reach and advance new products that address the future of consumer volumetric video capture.
Commenting on the company’s investment, Gilad Talmon, TetaVi’s CEO, said: “We view this latest funding round, raised during a time of significant financial uncertainty, as a vote of confidence by our existing and new investors in the growth of the immersive experience market and our ability to cater to its evolving needs.” Talmon added, “The funding will allow TetaVi to enhance our current capture studio offering and will enable us to add highly qualified personnel required in order to widen the scope of our volumetric video capture solutions.”
Volumetric video is a process that captures a real 3D space and can be viewed from any angle in an augmented reality (AR) or simulated virtual reality (VR) environment, creating immersive and interactive realistic 3D content. TetaVi noted that while a greater number of companies are incorporating 3D content into their platforms, the video capture and development process can often be slow, expensive and time-consuming.
The company’s technology comes bundled as an end-to-end solution, including cameras, software-as-a-service, a portable studio, post-production and training, enabling customers to generate 3D digital holograms for a range of applications.
“TetaVi’s technological innovations are well-timed given rapidly increasing demand for immersive and interactive applications that amplify consumer experiences with brands and content broadly,” said Aaron Stone, Angel Investor, TetaVi Board member, and Senior Partner at Apollo Global Management. “We are excited to support the team as they accelerate their expansion and bring volumetric video to a mass audience.”
TetaVi stated that production studios using its solution are able to prepare immersive media, enabling accurate and portable AR, VR and XR production up to 50-70% times faster than traditional methods. The company added that a range of customers from industries including media and entertainment, telecoms, sports, music and fashion are using its technology to enhance their respective offerings and deepen engagement among their customers and users.
“This strategic investment will strengthen TetaVi’s relationships within APAC, an important region for spearheading the company’s advancement,” said Sean Lee, Global Business Strategy Executive Officer at Adways Inc. “We are witnessing immersive media, virtual entertainment and concerts becoming part of the mainstream culture and we have chosen to invest in TetaVi because of its market approach and technological progress.”
“TetaVi’s ability to sustain significant growth over the last several months has reinforced our belief that the company has truly built something unique and disruptive,” said Stephan Ibaraki, Chairman and Managing General Partner at REDDS Capital and Founder of AI for Good. “We are pleased to be leading this round and look forward to working closely with the TetaVi team as it expands its global footprint.”
TetaVi’s R&D center is located in Tel Aviv, Israel, and the company has commercial studios in New York and Los Angeles, US and Tokyo, Japan. For more information on the company, please visit www.tetavi.com.
Video credit: TetaVi / Vimeo