Niio, a Tel Aviv-based digital art platform featuring work ranging from contemporary artists and galleries through to NFTs, announced today it has closed $15 million Series A funding in the wake of a strategic partnership with Samsung Displays, announced last week.
The round was co-led by L Catterton, a joint venture between LVMH and Catterton, Entrée Capital and Pico Venture Partners. Additional investors also joined, including Saga VC, as well as leading artists, art collectors, museums, gallerists and trustees at institutions such as MOMA and Guggenheim as well as Shalom McKenzie, an online gambling entrepreneur and investor who also invests in NFTs. Prior to the Series A round, Niio had raised $8 million, initially from strategic angels, followed by a seed round from institutions in 2017.
Niio will use its capital to grow its artist community and scale its app-enabled subscription and purchase platform, which is blockchain–based and will include a trading-enabled marketplace for NFTs and other digital art assets.
“Digital art has become an accepted, mainstream medium with the market accelerating largely due to the explosive growth of NFTs,” said Niio CEO and co-founder Rob Anders. “The transformation people are experiencing is the most significant and consequential moment for culture in decades, making new kinds of art accessible and experienced on screens in ways like never before.”
Niio’s technology enables users to stream digital artwork on any digital screen, bridging the gap between art and creating a platform similar to what music and entertainment streaming services have done for albums and movies.
Niio, founded by Rob Anders and Oren Moshe in 2014, combines an accessible streaming subscription service alongside the ability for people to purchase editioned NFT artwork directly from artists, galleries and content owners, through its public marketplace or via private transactions, Anders told TechCrunch.
Niio is launching its subscription service at the end of 2021 followed by its NFT marketplace — which makes Niio, backed by a global community of art professionals, the most comprehensive end-to-end solution for the digital art medium and ensuring that premium digital art is easily accessible by anyone on any screen, Anders continued.
By providing Niio’s tools to a global community of 6,000 galleries, institutions and artists, Niio’s platform and blockchain enables artists to distribute, manage, monetize and preserve their work.
Niio claims it will be free for all artists, forever, to respect and support the creative community and artists’ ability for publishing, managing and protecting their life’s work.
“We have realized our vision for a platform that first and foremost empowers artists and enables their work to be experienced digitally and available globally. We are gratified by the trust that more than 6,000 artists have placed in us — as we enable them to publish, manage protect and monetize their life’s work,” Niio co-founder Oren Moshe said.
Approximately 10,000 global business customers have been using the Niio platform for the past two to three years, Anders said. Clients range from art professionals, including galleries, museums, studios and art schools, to luxury brands, hotel chains and real estate developers, who subscribe and display curated art streams from the 15,000 premium works available on the platform, to millions of people across public spaces and places in over 30 countries, Anders said.
“There are over 1 billion smart TVs in the market and our partner Samsung has 30-40% of the market contributing to our ability to offer a ‘last mile’ proposition,” Anders said.
The digital art market is projected to be approximately $50 – $100 billion by 2025, according to Anders.
“Digital art has long been on our radar at L Catterton. We are very bullish on its future, and our ongoing evaluation of the sector brought us to Niio,” said Michael Farello, managing partner at L Catterton’s Growth Fund. “We are convinced that their platform approach including both subscription and an NFT offering combined with the reputation they have built in the critical artist community and the validation from their partnership with Samsung – will make them a market leader.”