Livestreaming tech group Genvid Technologies has raised $113 million in a Series C funding round to create an entertainment subsidiary focused on interactive live events.
New investors include Third Point Ventures, Cobalt Capital, LightShed Ventures (of media analyst Rich Greenfield et al), XN, and Lux Capital and the company said that former longtime Netflix executive Cindy Holland has joined in an advisory role to assist with content strategy and acquisition.
Holland, previously Netflix VP Original Content, founded and ran the original series and documentary initiatives for the streamer.
Genvid Entertainment will be dedicated to producing so-called “massive interactive live events” or MILEs, following the success of the Genvid-enabled Facebook exclusive Rival Peak. The new arm will produce and publish MILEs via licensing major IP beginning later this year. Rival Peak was a popular Facebook Watch program where AI-driven contestants live in fictional Rival Peak, a mountainous forest region that emulates the Pacific Northwest. Facebook users choose what each contestant does in the game and how they are voted out.
Combined with earlier financing, Genvid Technologies has raised a total of $166 million since its founding in 2016. Existing investors Valor Equity Partners and Atreides Management co-led the latest round. Other existing investors Galaxy Interactive, Horizons Ventures, OCA Ventures and Makers Fund. Strategic investment partners Huya, NTT DOCOMO Ventures, and Samsung Ventures are also participating.
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“The success of Rival Peak has accelerated our plans and growth dramatically, with dozens of major IP holders, streaming and social media platforms, and other global brands seeking to create MILEs around their properties,” said Jacob Navok, CEO and co-founder of Genvid. “They recognize the opportunity to build new entertainment experiences that merge lean-back entertainment (TV and livestreaming) with interactive entertainment (games) to both grow fan bases substantially and further monetize existing fans. We’re excited to announce partners and IP licenses in the coming months.”
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