Bandai Namco backs Genies with $3 million investment

The avatar tech firm will expand across Asia

Date Type Companies involved Size
November 23rd, 2020 investment Bandai Namco $3m
Bandai Namco backs Genies with $3 million investment

Japanese games giant Bandai Namco has invested $3 million into avatar tech firm Genies.

As reported by VentureBeat, the money will go towards Genies expansion across Asia as well as it recently opened a new office in Tokyo, Japan.

"A year ago, we started to build a lot of traction in Asia," said Genies director for Asia operations Allison Sturges.

"We really wanted to make our second home or headquarters in Asia. With this announcement, our official Genies KK is opening an office in Tokyo. And we're announcing Bandai Namco as an investor."

The company was founded in 2017 and has worked with various celebrities such as singer Shawn Mendes and pro streamer Pokimane.

Enter the metaverse

As part of the investment, Bandai Namco chef exec Yasuo Miyakawa will become a director for the tech company.

"Recent advancements in augmented reality, virtual reality, 5G and other technologies have allowed consumers more opportunities to gather together in digital spaces," said Miyakawa.

"The metaverse, what we call these 3D virtual spaces built online, is also growing, and we believe it will only continue doing so from here on out."

"In the metaverse, as well as in other virtual spaces and with video streaming, participants need avatars. Avatar technology is a field expected to see further and further growth as we move into the future, and Genies is a company that has proven itself in this field, signing contracts with a wide range of celebrities."

Earlier this year, as Bandai Namco continued to expand its mobile focus, the company hired two new community managers to its mobile branch.

Staff Writer

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