Admix, a virtual and augmented reality startup, has received a $2.1m cash injection.
The startup’s Seed round was led by Speendinvest and drew support from Suir Valley, Force over Mass and Founders Factory.
Admix was founded last year by Samuel Huber (CEO), a gaming entrepreneur; Joe Bachle-Morris (COO), an advertising veteran; and Mark Rich (CTO).
The startup is a monetisation platform for VR and AR, seeking to help developers to generate revenue from their content through programmatic advertising.
To date, Admix has struck a partnership with Oath (Yahoo’s and AOL’s parent company) and is credited with being one of the first platforms allowing brands to advertise programmatically using VR and AR.
Huber said: “Today, VR/AR developers have very few options to monetize their content: the few solutions that exist are intrusive and not adapted to VR/AR. This creates a lack of incentive for creators, which slows down the industry. Admix aims to grow the industry by creating the infrastructure to power a sustainable business model in VR/AR. Our non-intrusive advertising model respects the users, creates a sustainable economy for developers, and enables brands to stand out in a way that is impossible on existing, saturated channels.”
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Beta was launched in early 2018 and since then the company says it’s been working with more than 100 VR and AR creators.
Admix employs 15 people and has plans to double in size over the coming year.
Mathias Ockenfels, partner at Speedinvest, commented: “Admix is poised to capitalise on the imminent explosion of the VR/AR market. We are very impressed about their unique approach to building a community of VR/AR developers, and the technology they have built. We are delighted to be part of their journey to grow the industry.”