Unit1 Studio raises £20M to scale avatar concert technology

UK-based Unit1 Studio, a producer of mixed-reality avatar concerts, has raised £20 million in new funding to enhance its technology and expand its portfolio of avatar concert productions. The investment round was led by Balderton Capital, with additional backing from existing investors Mercuri, Gilston Music, and artist manager Paul McGuinness. Saul Klein also joined the round as a new investor.

Unit1's innovative technology aims to simplify and reduce the cost of creating avatar concerts, which can be challenging to develop and transport to different venues. While shows like ABBA Voyage have demonstrated the popularity of avatar-based live experiences, the expenses associated with creating and relocating such productions have hindered their broader adoption.

Unit1 has now devised a method to transfer avatar concert productions between venues more swiftly and cost-effectively, potentially enabling the same production to be showcased in multiple locations without extensive redevelopment.

The company's productions blend visual effects, CGI, and live performance elements to craft mixed-reality shows featuring artists who may no longer tour or whose performances might be difficult for audiences to experience live. Unit1 targets both younger audiences discovering music from previous decades and established fans seeking alternative ways to engage with artists' work.

Barney Wragg, founder of Unit1 Studio, expressed the company's goal to broaden access to avatar concerts by lowering the cost and complexity involved in developing and moving productions between venues. He emphasized that Unit1's mission centers on enhancing the connection between fans and artists, regardless of time or geography.

ABBA Voyage confirmed that audiences are captivated by avatar concerts, but the development and relocation costs have prevented the full realization of this potential. With the new funding, Unit1 aims to develop and operate mixed-reality avatar concerts at a fraction of the previous cost, allowing the production of multiple shows in various locations.