Max SteventonUnit1 Studio, an avatar concert producer, has secured $20m (£14.8m) in new investment to expand its production and operation of mixed reality avatar concerts.
The funding follows the development of technology that Unit1 says allows avatar concert productions to be moved between venues more quickly and at a lower cost.
The company said the technology could help reduce the costs of developing and reproducing avatar concert shows, which have so far limited the format to a small number of artists and locations.
Unit1 has tested the technology by moving its KT Tunstall avatar showcase from its former Hammersmith location to a purpose-built studio at Tileyard London. The studio will be used to develop and showcase the company’s avatar concerts.
The funding includes an equity investment round led by Balderton, as well as additional production financing. Existing investors Mercuri, Gilston Music and artist manager Paul McGuinness also took part in the equity round.
Unit1 has also expanded its team and board. Former Universal Music UK CEO and chairman John Kennedy has joined as a non-executive director.
The company has also appointed avatar creators Greg Meeres Young and Sefki Ibrahim, who have worked on projects including Planet of the Apes, The Lord of the Rings and ABBA Voyage.
Unit1 said its productions combine screen content with live experiences, focusing on artists from the 1970s, 1980s, 1990s and earlier.
Unit1 Studio founder Barney Wragg said, “Unit1 is, and will always be, about expanding the connection between fan and artist regardless of time or geography. ABBA Voyage proved audiences love avatar concerts but the development and relocation costs have meant the opportunity of avatar concerts is not being realised.
”Our ability to develop these shows at a fraction of the cost and replicate them to any location finally makes these shows a commercial reality. The combination of our technology, new financing and our growing team, means we can develop shows for artists and fans worldwide.”