US-based virtual experience technology provider Touchcast completed a $55m series A round on Wednesday that included Accenture Ventures, the corporate venturing subsidiary of professional services firm Accenture.
The round also featured growth equity firm Alexander Capital Ventures, venture capital fund Saatchi Invest and private investor Ronald Lauder. The company has not disclosed any earlier funding.
Touchcast has built a virtual experience platform that makes use of artificial intelligence and mixed reality technology to help users run enhanced online events.
The funding will be used to expand the platform, which offers tools such as visually detailed backgrounds, captions, subtitles and insights that can be presented in real time, and technology that makes the content in sessions into searchable text.
Accenture Ventures’ managing director, Tom Lounibos, said: “Digital disruption, distributed workforces and customer experience are the driving forces behind the need for companies to transform how they do business and move toward the future of work.
“For organisations to harness the power of virtual experiences to deliver business impact, the pandemic has shown that quality interactions and insights are needed. Our investment in Touchcast demonstrates our commitment to identifying the latest technologies that help address our clients’ critical business needs.”
