August 11, 2021 – Tetavi, a developer of an AI-based volumetric video capture technology platform, has recently announced that it has closed a USD $20 million venture round led by New York-based global private equity and venture capital firm Insight Partners, with participation from OurCrowd, Nimble Ventures and additional private investors.
The company stated that the investment will enable Tetavi to significantly increase its presence in North America, expanding its partnerships and immersive content platform across the US with specific locations in Los Angeles and New York. Tetavi added that its Los Angeles studio location will function as a collaborative space for the entertainment industry. The New York location will assist in business development and market outreach.
Tetavi CEO, Gilad Talmon, stated: “We’re excited to welcome Insight Partners as a collaborative force in our journey to democratize personalized immersive content creation for the Metaverse. With the support of our additional new and existing partners, we plan to move forward with our expansion plans to build a new platform to bring high-end immersive content to consumers worldwide. By opening this social entertainment technology to anyone, for anyone, anywhere, Tetavi seeks to empower the next dimension of creativity and human connection.”
On the partnership with Tetavi, Jeff Horing, Managing Director at Insight Partners, commented: “Tetavi’s highly technical team and advancements in social entertainment technology make the company well positioned to create a market-leading consumer centric volumetric video software solution, unlocking endless applications across gaming, entertainment, fashion, and more. As the company continues to expand in North America and APAC, we’re looking forward to our partnership in their next stage of growth.”
John Medved from OurCrowd states: “OurCrowd prides itself on investing in, and helping nurture startups and companies that have real application in multiple vertical markets. Tetavi are very literally helping build the metaverse in which many of these markets will exist. The virtual reality that we find is more and more real under the restrictions of living in a pandemic are helping companies reenvision how they engage with their customers, and generate content. Seeing a fund like Insight come on board is true testament to the importance and potential impact of this exciting technology.”
In September last year the company raised USD $6 million in Series A financing, which it used to expand its studio network, widen its geographic reach and advance new products. Tetavi added that it is currently in advanced discussions with “major creative artists and production companies” for projects anticipated to release in 2022. For more information on the Israel-based startup, please visit the company’s website.
Image credit: Tetavi
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.