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Didimo closes investment of 1 million euros during the pandemic

Didimo closes investment of 1 million euros during the pandemic
Observador · 21 Sep 2020
Portuguese startup Didimo, which develops high-fidelity digital humans (avatars) to help provide online services, closed an investment round worth one million euros. The financing is intended to increase and consolidate the team, especially in the areas of Marketing and product development.

The investment round was led by Armilar Venture Partners, a Portuguese venture capital fund company, and also counted on the participation of Bright Pixel and PME Investimentos. The investment underlines to the observer Verónica Orvalho, founder, and president the startup, "was fundamental, taking into account the strategic plan that existed before Covid-19 and that forced to ensure cash flow after the pandemic".

"This investment gives us, in the first place, more security and more tranquility. It is also comforting to see that in a time of crisis there is still an investment to be made in Portugal, it is very positive and hope for other startups. Second, this financing round will allow us to define the entire commercial plan so that we can now focus on the part of acquiring new customers and selling the product”, explains the head of Didimo.

Founded in 2016 in Portugal, Didimo - which means "twin" in Greek - creates high-fidelity digital models of each person or company to interact in various online services. On the platform, users upload a photo of you, and the technology from Didimo will then create a 3D character that can be used to interact in games, in the cinema, but also in shopping, communications, and even in medicine, sports, or retail. Among the pilot projects of the startup are the names of companies such as Sony and Amazon.

Didimo currently has 26 employees in Porto, Vancouver, and London, but by the end of the year, it plans to increase the team to between 30 and 33 people. The next step is to market your new product. "What we are doing now is packaging, is to make the product around so that it is easy to integrate with our customers. We are talking to several companies, end-users, to be able to see exactly which key feature is most useful to them, so we can replicate it”, explains Verónica Orvalho. In 2017, the technology used by the startup won Women Who Tech in New York.