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Portuguese Didimo receives more than 7 million investment and hires in 2023

Portuguese Didimo receives more than 7 million investment and hires in 2023
ECO · 14 Oct 2022
Technology company founded in 2016 in Porto can create high-fidelity digital twins in less than a minute. By 2023 it plans to hire at least 10 new members.

Portuguese tech startup Didimo has received $7.15m (€7.34m) in its Series A investment. The Porto 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 10 new elements 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. Prior to the Series A, Didimo had already raised $8.8 million (about €9 million) from investors, reports Crunchbase.

"The main objectives of series A 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, stresses to ECO/People.

The investment was raised 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 across the world, in countries such as the UK and Dominican Republic. "The physical office is a great place for the team to meet, advance work and think about future implementations. Once we build a product that helps people engage from anywhere, we deploy this thinking in our day-to-day work as well.

Twins for other realities

Created from a human being, Didimo's digital twins can be used in the metaverse, video games and immersive digital experiences, such as virtual concerts or trying on clothes in digital shops.

"For example, in the case of a clothing brand that can provide a 100% digital shop experience or even from an education perspective, where teachers can teach classes in a virtual world. It's a digital identity that won't be the only one in the metaverse, but it will be an extension of who we are," notes the tech leader.

The transformation of two-dimensional faces into three-dimensional digital versions has already won over companies such as NOS, Sony, Atom Stars and Soleil Game Studios, notes Veronica Orvalho.

Didimo is also increasingly concerned about ethical issues, given that the technology can be used for malicious purposes. "In our terms and conditions we explain that our solution cannot be misused. We reject projects that do not follow correct practices."