Niio announces $15M Series A following strategic partnership with Samsung Displays


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Niio, a Tel Aviv-based digital art platform that includes work starting from modern artists and galleries by means of to NFTs, introduced as we speak it has closed $15 million Collection A funding in the wake of a strategic partnership with Samsung Displays, announced last week.

The spherical was co-led by L Catterton, a three way partnership between LVMH and Catterton, Entrée Capital and Pico Venture Partners. Further buyers additionally joined, including Saga VC, as well as leading artists, art collectors, museums, gallerists and trustees at establishments reminiscent of MOMA and Guggenheim in addition to Shalom McKenzie, a web-based playing entrepreneur and investor who additionally invests in NFTs. Prior to the Collection A round, Niio had raised $eight million, initially from strategic angels, followed by a seed round from institutions in 2017.

Niio will use its capital to develop its artist group and scale its app-enabled subscription and purchase platform, which is blockchainbased mostly and will embrace a trading-enabled market for NFTs and other digital artwork belongings.

“Digital art has develop into an accepted, mainstream medium with the market accelerating largely because of the explosive progress of NFTs,” stated Niio CEO and co-founder Rob Anders. “The transformation individuals are experiencing is probably the most vital and consequential moment for tradition in many years, making new sorts of artwork accessible and skilled on screens in methods like by no means earlier than.”

Niio’s know-how allows customers to stream digital paintings on any digital display, bridging the hole between art and making a platform just like what music and entertainment streaming providers have achieved for albums and films.

Niio, based by Rob Anders and Oren Moshe in 2014, combines an accessible streaming subscription service alongside the power for individuals to buy editioned NFT paintings instantly from artists, galleries and content house owners, by means of its public market or by way of personal transactions, Anders advised TechCrunch.

Niio is launching its subscription service at the finish of 2021 followed by its NFT marketplace — which makes Niio, backed by a worldwide group of art professionals, probably the most complete end-to-end answer for the digital art medium and making certain that premium digital artwork is definitely accessible by anybody on any display, Anders continued.

By offering Niio’s instruments to a worldwide group of 6,000 galleries, institutions and artists, Niio’s platform and blockchain allows artists to distribute, manage, monetize and preserve their work.

Niio claims will probably be free for all artists, perpetually, to respect and help the artistic group and artists’ potential for publishing, managing and protecting their life’s work.

“We've realized our vision for a platform that at the start empowers artists and allows their work to be skilled digitally and out there globally. We're gratified by the belief that greater than 6,000 artists have placed in us — as we allow them to publish, manage shield and monetize their life’s work,” Niio co-founder Oren Moshe stated.

Roughly 10,000 international enterprise clients have been utilizing the Niio platform for the past two to 3 years, Anders stated. Shoppers vary from art professionals, including galleries, museums, studios and artwork faculties, to luxury brands, lodge chains and real property builders, who subscribe and display curated art streams from the 15,000 premium works out there on the platform, to tens of millions of people throughout public areas and locations in over 30 nations, Anders stated.

“There are over 1 billion sensible TVs out there and our companion Samsung has 30-40% of the market contributing to our capability to supply a ‘last mile’ proposition,” Anders stated.

The digital art market is projected to be roughly $50 – $100 billion by 2025, based on Anders.

“Digital artwork has long been on our radar at L Catterton. We're very bullish on its future, and our ongoing evaluation of the sector introduced us to Niio,” stated Michael Farello, managing companion at L Catterton’s Progress Fund. “We're satisfied that their platform strategy including each subscription and an NFT offering combined with the status they have built within the important artist group and the validation from their partnership with Samsung – will make them a market chief.”