NY-based Touchcast Inc., a leading virtual experience company raised US$ 55 million in series A funding round on 4 February 2021.
Investors: The funding round was led by Accenture Ventures, with participation from Alexander Capital Ventures, Saatchi Invest, Ronald Lauder and others.
Purpose of the funding: The funding will be utilized by Touchast to scale its virtual events platform, which combines the power of AI and mixed reality to transform how enterprises communicate and collaborate.
About Touchcast
Founded in 2010 in Charley Miller, Edo Segal, Erick Schonfeld and Michael Kohlmeyer H, Touchcast is the world’s leading Virtual Experience company. It offers an integrated solution which helps enterprises communicate and collaborate effectively and move employees, partners and customers to take action.
The Touchcast platform leverages AI and mixed-reality to enable real-time knowledge-sharing and collaboration including live transcription and translation. It allows the event attendees to synthesize their collective intelligence. The platform has an intuitive design which helps remove the barriers of language, time and distance.
The global market for virtual events is projected to reach more than US$ 400 billion by 2027. Touchcast aims to capture this market by delivering technology that goes well beyond the static online video experience. The virtual event platform provides a captivating and interactive experience allowing the attendees to connect with each other.
What the CEO has to say: “The COVID-19 pandemic has dramatically accelerated the need to reimagine the way we meet, connect and collaborate with each other. Touchcast harnesses the power of AI and mixed-reality to deliver a virtual event platform that redefines how knowledge is created and shared across space and time, providing an unparalleled immersive and interactive experience,” said Edo Segal, founder and CEO of Touchcast.
What the investor has to say: “Digital disruption, distributed workforces, and customer experience are the driving forces behind the need for companies to transform how they do business and move toward the future of work. For organizations to harness the power of virtual experiences to deliver business impact, the pandemic has shown that quality interactions and insights are needed. Our investment in Touchcast demonstrates our commitment to identifying the latest technologies that help address our clients’ critical business needs,” said Tom Lounibos, managing director, Accenture Ventures.
Accenture is one of TouchCast’s clients and has been using its technology for its own events. This partnership could help Touchcast get more corporate customers as well.
