Vu Technologies has received an undisclosed investment from Accenture.
Tampa-based Vu is a virtual production technology company with a network of studios throughout the United States. Accenture, a global consulting firm with a presence in Tampa, invested in the production company through its investment program, Accenture Ventures. The capital also comes as part of Accenture Ventures’ Project Spotlight initiative, which works to find disruptive enterprise technology, according to a release.
Terms of the investment were not disclosed.
“Massive potential exists for companies to combine virtual production and state-of-the-art technologies to create shared, immersive experiences for customers, employees and other key stakeholders,” David Treat, a senior managing director at Accenture, said in a prepared statement.
Project Spotlight also gives investment companies access to Accenture’s domain expertise and clients, allowing them to work with experts from Accenture at its facilities, according to a release.
Vu Technologies will help Accenture clients and employees with storytelling and engaging audiences, according to a release. The technology can help cut production costs because it can virtualize any place at any time.
The tech company previously worked with Amazon, CBS Sports and Disney on productions. It also uses technologies like motion capture, virtual reality and a proprietary generative AI called Vu.ai to create virtual environments for clients.
“Accenture’s investment in Vu represents a significant milestone in our journey to democratize creative content production,” Tim Moore, CEO of Vu, said in a statement.
A U.S. Securities and Exchange Commission filing shows that the company received over $4.25 million in funding for equity from 11 investors in August.
The company has spent the past year expanding, adding locations in Vegas, Nashville and Orlando. The expansion was financed by a $10 million raise from Minneapolis-based tech company ADX Labs in 2022, and an additional $7 million was added to the raise a few months later. Tampa Bay Business Journal reporting from 2022 said that the company had $5.7 million in revenue in 2021 and, with the $17 million round, had a projected valuation of $57 million.
