Electronics producer Samsung, marketing agency Dentsu and digital media company Gree exited US-based digital avatar tool developer Loom.ai yesterday in an acquisition of undisclosed size by video game platform developer Roblox.
Founded in 2016, Loom is the developer of a software tool that enables users to create 3D avatars that reflect the real-life expressions of the user. The technology will be used to enhance the avatars on Roblox’s platform, which allows users to create and share their own games.
Loom had most recently received $3m in seed capital from Samsung subsidiary Samsung Venture Investment Corporation in mid-2018 to take its total funding to more than $5.8m.
Danhua Capital, Y Combinator, Presence Capital, Anorak Ventures and assorted angel investors had provided an initial $1.35m for the company in 2016, and it identified Dentsu unit Dentsu Ventures, Gree vehicle Gree VR Capital as investors two years later.
