Hyderabad: Ikonz Studios, a Hyderabad-based startup providing hyper-realistic AI-powered digital avatars and holographic experiences, secured a significant strategic Series-A investment from American-Canadian songwriter and record producer Marc Jordan in what is his first investment in India.
Apart from Jordan, who worked with artists such as Beyonce, Rihanna, and Imagine Dragons and is part of Blue Amber Investments and State of the Art Entertainment, Expedia CTO Ramana Thummu, who was earlier CTO of Fanatics Commerce, renowned investor Madhusudan Kela, and Enam Group’s principal owner Akash Bhanshali also joined the funding round as strategic investors through their family offices.
Though the company did not disclose the amount raised via the Series-A round, sources say the current valuation of the company stands at $80 million.
Ikonz, which was set up in 2021, said the investment from these four industry leaders will enable it to significantly expand its intellectual property (IP) portfolio in both India and global markets while scaling its technical and execution teams.
A chunk of the funding will be directed toward acquiring and developing high-value digital IPs, strengthening Ikonz’s leadership in AI-powered interactive content. The startup said it is also set to triple its workforce from 34 to nearly 100 employees by hiring for both technical and non-technical roles to support its aggressive growth plans. The company said while around 80% of the team will be based in India, the remaining 20% will be in the US.
