Touchcast Closes $55 Million in Series a Funding to Reignite the Trillion-Dollar Event Ecosystem in a Post-COVID Era
Funding led by Accenture Ventures will help Touchcast Scale its Immersive Experience Platform
Touchcast, Inc. a leading virtual experience company, announced it has raised $55 million in series A funding from Accenture Ventures, Alexander Capital Ventures, Saatchi Invest, Ronald Lauder and others. The funding will be used to scale Touchast’s virtual events platform, which combines the power of AI and mixed reality to transform how enterprises communicate and collaborate.
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“The COVID-19 pandemic has dramatically accelerated the need to reimagine the way we meet, connect and collaborate with each other,” said Edo Segal, founder and CEO of Touchcast. “Touchcast harnesses the power of AI and mixed-reality to deliver a virtual event platform that redefines how knowledge is created and shared across space and time, providing an unparalleled immersive and interactive experience.”
According to Grand View Research, the global market for virtual events is projected to reach more than $400 billion by 2027, with enterprise investment in infrastructure, services and technology such as AI driving this growth. Touchcast is meeting the moment by delivering technology that goes well beyond a static online video experience – its virtual event platform offers a captivating, interactive and insightful experience that allows attendees to truly connect, as if transported to an in-person event.
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With AI and mixed-reality, the Touchcast platform enables real-time knowledge-sharing and collaboration, including live transcription and translation, allowing event attendees to capture and synthesize their collective intelligence. The platform’s intuitive design also removes the barriers of language, time, and distance, making communications actionable and discoverable for future reference.
“Digital disruption, distributed workforces, and customer experience are the driving forces behind the need for companies to transform how they do business and move toward the future of work,” said Tom Lounibos, managing director, Accenture Ventures. “For organizations to harness the power of virtual experiences to deliver business impact, the pandemic has shown that quality interactions and insights are needed. Our investment in Touchcast demonstrates our commitment to identifying the latest technologies that help address our clients’ critical business needs.”
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