BizzTech

BizzTech

Virtual reality and metaverse platform that offers 100% digital meeting environments

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View on Microventures
Amount Raised: $2,350
Security Type
Convertible Note
Min Investment
$100
Location
TEMPLE, TX
Expected Close Date
April 17, 2023
Target Raise
$25.00K-$950.00K
No. Investors
9
Security Price
$1
Number of Employees
5
Cash
$0
Revenue
$0
Short Term Debt
$2,169
Cost of Goods
$0
Long Term Debt
$0
Net Income
$2,255

Company Description

Within the last couple of years, virtual interactions have become commonplace as companies and organizations quickly shifted from in-person work and events to online meetings and webinars. Despite in-person meetings and events being held again, virtual interactions are still increasingly common. In fact, 94% of participants in a 2021 survey reported they were planning for virtual events in 2022, with almost half stating they plan to increase the number of events they host, according to a 2021 survey conducted by Kaltura.iMore widely adopted in response to the health concerns and spread of COVID-19, virtual meetings and events have gained massive popularity in recent years and continue to gain traction in 2022. Zoom for example, has 350 million daily meeting participants in 2022, up from only ten million at the end of 2019.ii On the back of this, Meta and many other companies have begun to focus on the next evolution of this trend: The Metaverse. A recent study by McKinsey estimates that the metaverse will be a $5 trillion market by 2030,iv  and a report by Citibank estimates that number could reach $13 trillion by 2030.iii In December 2021 Bill Gates stated “Within the next two or three years, I predict most virtual meetings will move from 2D camera image grids — to the metaverse, a 3D space with digital avatars.”v More recently, Ciena conducted a survey that concluded that 78% of professionals are prepared for the metaverse.viThis massive shift to virtual interactions has the potential to put Austin-based BizzTech in an ideal position. The company’s Tookeo platform is an advanced virtual reality and metaverse platform led by a team of experienced professionals from the gaming, software, and virtual events industries. The platform aims to combine traditional business meeting functions such as file, screen sharing, and video calls with immersive gaming technology to designed produce a data rich 3D networked environment for companies and professionals to meet and conduct business.

Key Deal Facts

Offers a 3D, virtual reality & metaverse platform called Tookeo that is an alternative space for in-person meetings, events, business communities and 100% digital meeting environments, In June 2022, the company launched an open alpha under the label MetaLinked as a proof of concept for business communities in the Metaverse, The company claims that their technology does not need to be downloaded or require high-speed internet, Onboarded first paying customer in October 2022

Security Description

A convertible security is a security that can be converted into another security, typically equity in the next round of financing.

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