Genies, Inc.

Genies
Company typePrivate
Founded2017; 7 years ago (2017)
FounderAkash Nigam and Evan Rosenbaum
Headquarters
Los Angeles, California, U.S.
Number of employees
90 (2021)
Websitegenies.com Edit this at Wikidata

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]

References

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