niio Secures $15M Series A Funding - Samsung Display Partnership

Niio Secures $15 Million in Series A Funding

Niio, a platform dedicated to showcasing digital art – encompassing both contemporary pieces from artists and galleries, as well as Non-Fungible Tokens (NFTs) – has announced the successful completion of a $15 million Series A funding round. This announcement follows a recently established strategic alliance with Samsung Displays.

Investment Details

The funding round was jointly spearheaded by L Catterton, a venture formed through a partnership between LVMH and Catterton, Entrée Capital, and Pico Venture Partners. Further investment came from Saga VC, alongside prominent artists, collectors, museum representatives, and trustees from institutions like MOMA and the Guggenheim. Shalom McKenzie, an entrepreneur focused on online gaming and a noted NFT investor, also participated.

Prior to this Series A round, Niio had already secured $8 million in funding. Initial investments were made by strategic angel investors, followed by a seed round completed in 2017 from various institutional sources.

Future Plans

The newly acquired capital will be allocated towards expanding Niio’s artist network and enhancing its subscription and purchasing platform. This platform is built on blockchain technology and will incorporate a marketplace facilitating the trading of NFTs and other digital art assets.

The Rise of Digital Art and Niio's Role

“The digital art landscape has reached a point of widespread acceptance, evolving into a mainstream medium,” stated Rob Anders, CEO and co-founder of Niio. “This acceleration is largely driven by the significant growth of NFTs.”

Anders continued, emphasizing that this shift represents a pivotal moment in cultural history, making art more accessible and enabling novel experiences through digital screens.

Bridging the Gap in Art Consumption

Niio’s core technology allows for the streaming of digital artwork on a wide range of digital displays. This functionality effectively addresses the divide between art and accessibility, mirroring the impact streaming services have had on music and film distribution.

Founded in 2014 by Rob Anders and Oren Moshe, Niio offers a dual approach. Users can access art through a subscription service and also directly purchase editioned NFT artwork from artists, galleries, and content creators via a public marketplace or through private sales, as Anders explained to TechCrunch.

Launch of Services and Comprehensive Solution

Niio is preparing to launch its subscription service by the end of 2021, followed by the introduction of its NFT marketplace. This positions Niio, supported by a global network of art professionals, as a complete end-to-end solution for the digital art medium, ensuring broad accessibility to high-quality digital art on any screen.

The platform and its underlying blockchain technology empower artists to distribute, manage, monetize, and preserve their creations by providing them with essential tools.

Commitment to the Artist Community

Dev Harlan, Areo Gardens I, Wash. Courtesy of the artist and Niio.

Niio has committed to providing a free platform for all artists, demonstrating its dedication to supporting the creative community and safeguarding artists’ rights to publish, manage, and protect their work.

“Our vision has been realized: a platform that prioritizes artist empowerment and enables global access to digital art,” said Oren Moshe, Niio’s co-founder. “We are grateful for the trust placed in us by over 6,000 artists, as we facilitate the publication, management, protection, and monetization of their life’s work.”

Existing User Base and Market Potential

Anders reported that approximately 10,000 businesses worldwide have been utilizing the Niio platform for the past two to three years. These clients include art professionals – galleries, museums, studios, and art schools – as well as luxury brands, hotel chains, and real estate developers. They subscribe to curated art streams featuring 15,000 premium works, reaching millions of people in over 30 countries.

“With over 1 billion smart TVs currently in use, and our partner Samsung holding a 30-40% market share, we are well-positioned to deliver a ‘last mile’ solution,” Anders stated.

The digital art market is projected to reach a value of $50–$100 billion by 2025, according to Anders’ estimates.

Industry Validation

“L Catterton has been closely monitoring the development of digital art for some time,” said Michael Farello, managing partner at L Catterton’s Growth Fund. “We are highly optimistic about its future, and our assessment of the sector led us to Niio.”

Farello concluded, expressing confidence that Niio’s platform approach – encompassing both subscription and NFT offerings – combined with its strong reputation within the artist community and the validation provided by its partnership with Samsung, will establish the company as a market leader.