Genies
TypePrivate
Founded2017 (2017)
FounderAkash Nigam and Evan Rosenbaum
Headquarters
Los Angeles, California, U.S.
Number of employees
90 (2021)
Websitegenies.com

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

When Nigam was a junior in college at the University of Michigan studying computer science and economics, he met University of Pennsylvania student, Evan Rosenbaum, and soon after, the two co-founded a company called Blend. Blend started as 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]

Funding

The company has raised $40 million in funding from Silicon Valley venture capitalists such as Jim Breyer, NEA, and Foundation Capital. In addition to traditional VC firms. Genies has also received funding from other sources, such as entrepreneurs, talent agencies, and Fortune 500 companies.[12][13] Genies currently employs 90 people and the company is valued at over $100 million.[14] 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.[15]

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. ↑ 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.
  13. ↑ Chang, Juile (November 5, 2019). "Venice-based tech company creates app that allows users to create Pixar-quality avatars". Fox LA.
  14. ↑ Ellingson, Annlee (December 8, 2017). "Genies app aims to make Bitmoji obsolete". BizJournals.
  15. ↑ Takahashi, Dean (November 20, 2020). "Genies raises $3 million from Bandai Namco for Asia expansion". VentureBeat.
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