Touchcast raises cash to transform the event industry
Leading virtual experience company, Touchcast, recently announced that it had raised a massive $55 million in Series A funding from Alexander Capital Ventures, Accenture, Saatchi Invest, and various other providers. The funding will be crucial in scaling the Touchcast platform for virtual events, which combines mixed reality and AI in a strategy to support how enterprises collaborate and communicate.
According to the CEO of Touchcast, Edo Segal, the Covid-19 pandemic has increased the demand to adapt how we meet, collaborate, and connect with each other. The Touchcast solution harnesses mixed reality and AI technology to provide a virtual event experience that changes the way we create and share knowledge during interactive experiences.
XR technology has already emerged as an essential solution for companies that need help collaborating and maintaining productivity in a socially distanced world. However, this crucial technology could also be fundamental to the transformation of the event industry.
According to Grandview Research, the global market for virtual events will reach a value of around $400 billion by 2027. Enterprises are driving this growth with new investment in XR technology, infrastructure, services, and artificial intelligence. Touchcast is responding to the changing landscape with technology that goes beyond the standard video presentation.
Through the Touchcast platform, companies can access a truly captivating experience that helps attendees to connect with the experiences in an event. The AI and mixed-reality technology combined within the Touchcast platform enable incredible opportunities for knowledge sharing and collaboration.
Attendees of a virtual event can capture and build a hub of collective intelligence, with tools like translation and live transcription. The intuitive design of the platform also removes language barriers, issues with distance and problems with time, to make communications more actionable and discoverable for the future too.
The COVID-19 pandemic has prompted a massive change in the current landscape, with distributed workforces all over the globe, and transformation happening on an enormous scale. Customer experiences and continued productivity are the driving forces behind the search for a better, more effective way of doing business in this new landscape.
According to the Managing Director of Accenture Ventures, Tom Lounibos, organisations that want to have a more significant business impact on consumers going forward, or those that hope to support better collaboration, can access the Touchcast platform. The pandemic has demonstrated that quality insights and interactions are essential in supporting businesses through trying times. The Touchcast platform will help with this.