Unit1 Studio raises £20M to scale avatar concert technology

Unit1 Studio, a UK company producing mixed-reality avatar concerts, has secured £20 million in new funding to expand its technology and grow its roster of avatar concert productions. The funding includes an oversubscribed equity round led by Balderton Capital, alongside additional financing for concerts in development. Existing backers Mercuri, Gilston Music and artist manager Paul McGuinness also joined the round.

Unit1 is developing technology designed to make avatar concerts easier and more economical to produce and replicate across different venues. While productions such as ABBA Voyage have demonstrated demand for avatar-based live experiences, the cost of developing and relocating similar shows has limited their wider adoption.

The company says it has now developed a way to transfer avatar concert productions between venues more quickly and at lower cost, potentially allowing the same production to operate in multiple locations without requiring extensive redevelopment.

Unit1’s productions combine visual effects, CGI and live performance elements to create mixed-reality shows featuring artists who may no longer tour or whose performances can otherwise be difficult for audiences to experience live. The company is targeting both newer audiences discovering music from previous decades and established fans looking for different ways to experience artists’ work.

Barney Wragg, founder of Unit1 Studio, said the company aims to broaden access to avatar concerts by reducing the cost and complexity involved in developing and moving productions between venues:

Unit1 is, and will always be, about expanding the connection between fan and artist regardless of time or geography. ABBA Voyage proved audiences love avatar concerts but the development and relocation costs have meant the opportunity of avatar concerts is not being realised. Our ability to develop these shows at a fraction of the cost and replicate them to any location finally makes these shows a commercial reality.

The new funding will support Unit1’s work creating and operating mixed-reality avatar concerts, with the production financing specifically intended to expand its roster of concerts currently in development.