Unit1 Studio, a UK-based company that creates mixed-reality avatar concerts, has raised £20 million in new funding. The company will use the money to improve its technology and develop more avatar concert productions.

The funding includes an oversubscribed equity round led by Balderton Capital, along with additional financing for concerts currently in development. Existing investors Mercuri, Gilston Music and artist manager Paul McGuinness also took part.

Unit1 is building technology that makes avatar concerts faster and more affordable to produce. The company aims to make it easier to move the same concert production to different venues without having to rebuild the entire show.

Avatar concerts such as ABBA Voyage have shown that audiences are interested in this type of live entertainment. However, the high cost of creating and moving these productions has made it difficult to use them in more locations.

Unit1 combines visual effects, CGI and live performances to create mixed-reality shows featuring artists who may no longer tour. The company hopes to attract both younger audiences discovering older music and existing fans who want new ways to experience their favourite artists.

Barney Wragg, founder of Unit1 Studio, said “the company aims to broaden access to avatar concerts by reducing the cost and complexity involved in developing and moving productions between venues. Unit1 is, and will always be, about expanding the connection between fan and artist regardless of time or geography. ABBA Voyage proved audiences love avatar concerts but the development and relocation costs have meant the opportunity of avatar concerts is not being realised. Our ability to develop these shows at a fraction of the cost and replicate them to any location finally makes these shows a commercial reality.”

The new funding will help Unit1 develop and run its mixed-reality avatar concerts. Part of the funding will also be used to expand the number of concerts currently in development.