Genies, Inc. Explained

Genies
Type:Private
Founder:Akash Nigam and Evan Rosenbaum
Num Employees:90
Num Employees Year:2021

Genies is an American avatar technology company founded by Akash Nigam and Evan Rosenbaum in 2017.[1] Genies' consumer app allow users to create fully personalized avatars to be used in apps such as Giphy,[2] iMessage, and Instagram.[3] Genies also offers a software development kit (SDK) enabling brands to create a branded avatar experience and online marketplace directly in their apps.[4] The company also consists of an Avatar Agency that creates digital versions of its clients.[5]

History

Nigam and Evan Rosenbaum co-founded a company called Blend, which made a mobile app for college students that gifted items in exchange for sharing photos.[6] The co-founders received an acquisition offer but declined. Shortly after, the pair began using much of Blend's proprietary technology to build Genies.[7] [8]

In 2021, Genies started offering non-fungible tokens (NFTs) in partnership with celebrities such as musician Shawn Mendes.[9]

In March 2022, then-former Disney CEO Bob Iger joined the board of the company.[10]

In August 2022, the company released its NFT storefront, “The Warehouse.” The storefront will be open on Dapper Labs’ Flow blockchain and allows users to download the Genies Studio app to create their own avatars and buy digital fashion items to dress them. Because each item is an NFT, the original creator gets a cut of the revenue each time that item is resold and owns the intellectual property behind the design.[11]

In 2023, Genies created a software development kit aimed at gamers.[12]

Genies have been adopted by celebrities such as Justin Bieber,[13] Russell Westbrook,[14] and Shawn Mendes.[15]

Funding

The company has raised $250 million in funding from Silicon Valley venture capitalists such as Breyer Capital,[16] Bond Capital,[17] and Bob Iger.[18] Genies has also received funding from other sources, such as entrepreneurs, talent agencies, and Fortune 500 companies.[19] [20] Genies currently employs over 100 people and the company is valued at over $1 billion.[21] [22] In November 2020, Japanese multinational video game developer and publisher Bandai Namco Entertainment announced a $3 million investment in Genies including an expansion in Asia.[23]

Notes and References

  1. Web site: Meet 'Genies,' the lifelike personalized avatars that reenact news. TechCrunch. 8 January 2017. Constine, Josh.
  2. Web site: Genies brings customizable 3D avatars to Giphy . Venture Beat . 7 April 2021.
  3. Web site: Genies brings lifelike avatars to other apps with $10M from celebrities. TechCrunch. 19 November 2018. Constine, Josh.
  4. Web site: Gucci and Giphy add avatars to their apps as potential digital revenue drivers. 20 October 2020. Liffreing, Ilyse.
  5. Web site: Now Celebrity Avatars Can Hire Their Own Agents=The Hollywood Reporter. 10 May 2019. Gardner, Chris. .
  6. Web site: Grant, Rebecca . 30 October 2013 . Woohoo college! Blend's mobile app gives students free stuff for sharing photos . Venture Beat.
  7. Web site: Kwan, Emma . 20 March 2019 . Mountain View High grads launch popular Genies avatar app . Los Altos Online.
  8. Web site: Fields, Taylor . 20 March 2020 . Celebrities Helping to Raise Funds to Fight COVID-19 via Digital Avatars . iHeart Radio.
  9. Web site: 25 February 2021 . Genies will sell one-of-a-kind digital goods for Shawn Mendes . Venture Beat.
  10. Web site: Needleman, Sarah . 14 March 2022 . After Walt Disney, Robert Iger Heads to the Metaverse . Wall Street Journal.
  11. Web site: August 30, 2022 . Digital avatar startup Genies launches NFT fashion marketplace . 2022-08-31 . TechCrunch . en-US.
  12. Web site: Forristal . Lauren . 2023-06-22 . Avatar startup Genies launches $1M fund for developers building AR experiences . 2024-04-17 . TechCrunch . en-US.
  13. Cirisano . Tatiana . WMG Partners With Genies to Turn Artists Into Avatars & Sell NFT Gear . Billboard . 16 April 2024 . April 30, 2021.
  14. News: Alexander . Sophie . Genies Uses Famous Athletes, and Their Money, to Take On Bitmoji . 16 April 2024 . Bloomberg . November 19, 2018.
  15. News: Holt . Kris . Rihanna, Migos and more are getting official metaverse avatars . 16 April 2024 . Engadget . December 13, 2021.
  16. News: Matney . Lucas . May 3, 2021 . Avatar startup Genies scores $65 million in funding round led by Mary Meeker's Bond . 18 April 2024 . TechCrunch.
  17. News: Savitz . Eric . April 15, 2022 . How Tech-Trend Guru Mary Meeker Sees the World Now . 16 April 2024 . Barron's.
  18. Web site: Hayes . Dade . March 14, 2022 . Bob Iger Makes Post-Disney Foray, Investing In Metaverse Firm Genies And Joining Avatar Maker's Board . 16 April 2024 . Deadline.
  19. Web site: Billionaires Jim Breyer and Thomas Tull Lead $15 Million Bet That Genies' Avatars Will Be Next Big Thing In Social. Forbes. 11 June 2019. Carson, Biz.
  20. Web site: Venice-based tech company creates app that allows users to create Pixar-quality avatars. Fox LA. 5 November 2019. Chang, Juile.
  21. Web site: Takahashi . Dean . 2022-04-12 . Genies raises $150M at over $1B valuation for metaverse avatars . 2024-03-31 . VentureBeat . en-US.
  22. Web site: Livni . Ephrat . Hirsch . Lauren . April 12, 2022 . Private equity jumps into the metaverse with an investment in a $1 billion avatar company. . March 30, 2024 . The New York Times.
  23. Web site: Genies raises $3 million from Bandai Namco for Asia expansion. VentureBeat. 20 November 2020. Takahashi, Dean.

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