The reputed platform provider for digital events, Flymachine, got about $21 million in a funding round, led by Greycroft Partners and SignalFire together to expand its team diversity and improve the platform by adding new attributes.
Silicon Valley Bank, Red Sea Ventures, Contour Venture Partners and Primary Venture Partners also had active participation in the funding round for Flymachine, which has done business as an organizer of events that happen digitally.
There were several other investors, including eminent stars of the music industry like Bill Silva, Coran Capshaw, Larry Webman and Marty Diamond. Another Planet Entertainment, the Bay Area concert promoter and Ben Lovett from Mumford & Sons also added to the investments. LionTree Partners and John Battelle, the co-founding editor of WIRED magazine also joined the funding round, according to a pollstar report made by quoting a press release.
The company Flymachine was founded in 2021 during the spring season. Their aim is to build a virtual venue for any form of live entertainment, which allows the fans to make a choice of the way they are willing to experience the events. The platform is powered by its patent-pending, cutting-edge technology of videos, which even allows the participants to move around in different spaces virtually. They use proximity-based chats in videos to let a connection be created between each other and there are chances of experiencing encounters during an event, similar to an experience provided in a venue.
With the progress in funding for the company, Flymachine is targeting to continue the growth of diversity in their team, which can help in expanding their network with iconic partners of venue and also support in the development of innovative features to the platform. The CEO and co-founder of Flymachine, Andrew Dreskin, mentioned how these events that are held virtually can catalyze a change in the game for globally spread artists, fans and promoters, though the current technology it has is underwhelming to attain that target.
Andrew confirmed the company is creating a different idea through a futuristic approach of digital venues, a new medium of reflecting art and a unique meeting place for social purposes. They are aiming to build a huge standard of depth, social interactivity and agency that hasn’t been existing before the launch of this idea. Andrew also shared how it was a cool, new way to visit a show and enjoy it remotely.
The managing director of SignalFire, Wayne Hu has appreciated the company for its positive track record of managing several experiences of live entertainment. He applauded how Flymachine has managed to build strong, strategic partnerships with several reputed venues of North America, has developed a very innovative platform in the digital market and has built a wonderful, next generation experience for the participating artists and fans. Wayne accepted the investment made by SignalFire was absolutely necessary for betterment of business on both ends.