UK-based Unit1 Studio has secured £20 million in a new funding round. The investment was led by Balderton Capital and saw participation from new investor Saul Klein, as well as existing backers Mercuri, Gilston Music, and Paul McGuinness.
The company specializes in mixed-reality avatar concerts that blend CGI, visual effects, and live performance elements. The capital will be used to scale its proprietary technology and expand the roster of concert productions currently in development.
Unit1 Studio aims to address the high costs and logistical complexity associated with producing and relocating avatar-based shows. The firm has developed a method to transfer productions between venues more efficiently, allowing for easier replication.
Founder Barney Wragg stated that the new financing will help make these shows a commercial reality by reducing development expenses. The technology is designed to enable the same production to operate in multiple locations without extensive redevelopment.
