Didimo secures over €7 million in Series A round
The tech company founded in 2016 in Porto can create high-fidelity digital twins in less than a minute. By 2023, it intends to hire at least ten new employees.
The Portuguese tech startup Didimo has raised $7.15 million (€7.34 million) in a Series A investment round. The startup, which creates digital twins that can be used in the metaverse or video games in less than a minute, will accelerate commercial growth and hire at least ten new employees next year, bringing the number of employees to 35.
The capital injection was led by Armilar Venture Partners, with participation from venture capital firms Bright Pixel Capital, Portugal Ventures and Techstars. Before the Series A round, Didimo had already raised $8.8 million (about €9 million) from investors, reports Crunchbase.
“The main objectives of the investment round are to build a commercial team and develop the technology needed to grow our product to more sectors. We intend to acquire new customers and establish partnerships with large/medium-sized companies in the area of entertainment, fashion and metaverse,” Veronica Orvalho, founder and CEO of Didimo, tells ECO.
The investment surges at a time of lower liquidity in the financial market. Veronica Orvalho acknowledges that “getting this round of investment at this time is a privilege”.
The injection of capital will also serve to increase the team, currently 24 people. “Over the next year, we hope to grow the team to 35 employees – something that will allow us to bring even more dedication to our mission.”
Despite having an office in Porto, Didimo’s team is spread all around the world, in countries such as the UK and the Dominican Republic. “The physical office is a great place for the team to meet, advance work and think about future implementations. Since we’ve built a product that helps people engage from anywhere, we also implement this thinking in our day-to-day work.”