Israeli startup TetaVi, the developer of a volumetric video capturing system that creates realistic 3D holograms, raised $6 million in a Series A funding round led by US-Canadian venture capital fund REDDS Capital. It also included a strategic investment from ADWAYS, a Japanese mobile app marketing company.
The round brings TetaVi‘s total funding since the startup was founded in 2016, to over $11 million. The fresh funding will be used to expand TetaVi’s studio network, widen its geographic reach, and advance new products, the company said in a statement.
TetaVi’s tech solution includes cameras, software-as-a-service, a portable studio, and post-production and training that enables customers to quickly generate quality 3D digital holograms, for an endless array of applications. The company says companies from a wide range of fields including entertainment, telecomms, professional sports, and the music and fashion industries, are using its technology to enhance their respective offerings and deepen the engagement among customers and users. Production studios using TetaVi are able to prepare immersive media, enabling accurate and portable VR, AR, and XR production 50-70 percent faster than traditional methods, the company says.
TetaVi’s has commercial studios in NY, LA, and Tokyo and an R&D center in Tel Aviv.
“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,” said TetaVi CEO Gilad Talmon. “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.”
Sean Lee, global business strategy executive officer at ADWAYS said the strategic investment “will strengthen TetaVi’s relationships within APAC [Asia Pacific], an important region for spearheading the company’s advancement. 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.”