Genvid Holdings to Produce and Publish MILES After Raising $113 Million.
Genvid Holdings has raised funding of $113 million to propel its Massive Interactive Live Events (MILES) new project called Project Raven. MILES is a new form of entertainment where there is a unique amalgamation of video games and TV shows; part video games and part reality TV shows.
Genvid previously launched its first MILES-project called Rival Peak on Facebook. Rival Peak let Facebook spectators actively take part in part show part game and decide the fates of 12 AI characters. These characters compete against each other in a Survivor-style show.
The project was successful as the show got massively popular with 100 million minutes watched for its first season which spanned across 12 weeks. A total of 13 live streams covered the show every day for 24/7 and a whopping 200 million engagements. Moreover, the show also had a weekly wrap-up hosted by Will Wheaton. Its popularity among the masses was due to its unique interactive experience that let spectators take part in the game like a reality TV show.
The positive response Genvid got from Rival Peak motivated it to go for another funding round. Rival Peak inspired Genvid to fully engage in this new direction as a publisher of MILES project.
The next project in line following the idea is Project Rave, a mixture of horror film and games. Project Raven will have spectators engaged in a survival horror game cum TV show.
The total amount of funding Genvid has raised since 2016 has now amounted to $166 million. New investors include Cobalt Capital, XN, Third Point Ventures, LightShed Ventures, and Lux Capital.
With new and existing investors, Genvid has got a lot of media strength with it along with game content and technology investors. The new investment will be used to establish Genvid Entertainment, a subsidiary dedicated to MILES program.