Portuguese startup Replai in €1.1M investment round
The Portuguese startup Replai has just closed a €1.1 million seed investment round.
The money will be used to develop its multimedia production business, increase its team, and expand its company to markets like the United Kingdom and USA.
The investment round was led by Bright Pixel with input from Ideias Glaciares, Clever Advertising, the founders of Unbabel and other business angels, and members of gaming and applications companies such as Playrix, Nekki, Aptoide and Dashdash.
The company which uses artificial intelligence to create short videos for the sports industry was founded last year by João Costa and Francisco Pacheco who developed a platform that automises the creation of short films using algorithms that analyse longer videos and extract information from them.
Today, the team has 10 staff and advisors from top multinationals such as EA Sports, Google and WhatsApp.
The founders say that forecasts suggest that the electronic sports market will soon overtake the traditional market in value but warn that the opportunities for making money from creative ideas “are still a long way off other sectors like mobile gaming — which in 2019 generated over US$100 in revenues,” according to the report ‘The State of Mobile 2020’ from App Annie.
“Our mission to help sports companies to take advantage of this change in paradigm is to make money from their content. This round enables us to bring a panel of specialists together in gaming and technology that will help us to take a step as early on as is possible,” say João Costa and Francisco Pacheco.