AR Video Company Octi Secures $7.5m Funding, Enters Partnership with NFL Players Association
The deal will allow fans to create videos where they interact with NFL player avatars.
Augmented video company Octi has made two big announcements today. The first is the successful acquisition of $7.5 million of investment. The second is a strategic investment and partnership with the NFL Players Association (NFLPA).
The seed round of $7.5m was aided by participation from Shasta Ventures, I2BF Ventures, Bold Capital Partners, Day One Ventures, Live Nation, and AB InBev. Several industry leaders also joined the round including Tom Conrad, former VP of Product at Snap Inc.; Shiva Rajaraman, Chief Product Officer of Technology at WeWork; Scott Belsky, Chief Product Officer of Adobe; Abbe Raven, Chairman at A&E Networks; Human Ventures; and Joshua Kushner.
While the partnership with NFLPA via its athlete-driven accelerator, the OneTeam Collective will enable fans to create videos where they interact with NFL player avatars. Octi will create and commercially distribute avatars for more than 2,000 active NFL players via its mobile platform.
Octi has already launched its first app for iOS devices (called Octi), which allows users to augment themselves, their friends, and their worlds. Octi has developed a proprietary skeleton mapping and gesture detection technology using a smartphone camera to recognise the human body without additional sensors and automatically overlays contextual 3D effects.
“The Octi platform offers an entirely new ability to amplify human interaction and communication through a simple smartphone camera,” said Justin Fuisz, CEO and Co-founder of Octi Inc. in a statement. “What makes Octi special is that we’re building our technology to reflect the ways that humans have always expressed themselves through gestures and physicality.”
“The NFLPA and the OneTeam Collective are constantly looking to collaborate with the newest consumer technologies, and we were impressed by Octi’s team and the new platform they have built to change the way we communicate through video. Octi’s mobile AR technology creates a wide range of opportunities for players and fans. We are incredibly excited about our investment and partnership with Octi,” said Ahmad Nassar, President of NFL Players Inc. and Chairman of the Board of the OneTeam Collective.
With the funding Octi will continue building out its team of computer vision scientists, researchers, and machine learning engineers. For any further Octi updates, keep reading VRFocus.