Manchester’s PixelMax has secured a £2m investment, in a funding round led by Praetura Ventures.
The company enables businesses to create and host their own virtual worlds so they can use 3D interactive technology to deliver content to mass audiences.
The new investment, from Praetura and ACT Capital Partners will be used to expand its team and “define its go-to-market strategy” to drive growth.
“Right now there is a huge opportunity for PixelMax, but to get to the next level we need an investment partner that can provide strategic guidance and support, as well as an injection of capital. The team at Praetura Ventures not only share our ambitions, they have a track record of supporting businesses just like ours and this deal represents a significant milestone in our growth journey,” said Andy Sands, co-founder of PixelMax.
Sands co-founded the company with Shay O’Carroll and Rob Hilton. They’ve already worked with an NHS Trust to create a simulation of a hospital department, enabling patients and their families to familiarise themselves with the process and experience they can expect before having to go into hospital.
They’ve also partnered with manufacturing firms to create digital twins of machinery and factory sites to help deliver training virtually.
Over the last 12 months, it has made a move into the events sector, to deliver event experiences.
“PixelMax’s innovative technology ensures the business has strong foundations and as the coronavirus pandemic continues to highlight the need for digital innovation across many industries there is a real appetite for the team to capitalise on,” added Praetura Ventures’ Mark Lyons.
“The management team is not only incredibly talented and passionate about what they do, they have the grit, resilience and determination that entrepreneurs need to succeed. We’re really looking forward to supporting them as they push forward and accelerate the growth of the business.”
Praetura Ventures’ Portfolio Director, Andy Sumner, will join the PixelMax board as a non-executive director, alongside entrepreneur Shaz Sulaman, co-founder of Solid Bond Capital, an investor in the business, who will join as executive chairman.
