Startup Genies Inc., which provides technology for creating Web3 avatars, today announced that it has raised $150 million in funding at a $1 billion valuation.

Silver Lake led the Series C funding round. BOND, NEA and Tamarack Global participated as well.

Los Angeles-based Genies provides software that enables users to create avatars of themselves in Web3 virtual environments. Genies’ technology also makes it possible to design avatar fashion lines, accessories and other virtual creations. 

“We believe avatar ecosystems are going to shape Web3 the same way that mobile apps defined Web2,” said Genies Chief Executive Officer Akash Nigam. “With every advancement of the internet, an expansive new region of entrepreneurial skill sets is born. In Web3, Gen Z avatar ecosystem builders are going to be the leaders of innovation and, through our creator tools, we strive to empower their wildest imaginations, ideas and experiences as avatar creations.”

Genies provides a software development kit and an application programming interface that developers can use to integrate the startup’s technology into their apps. The startup also offers tools for users without extensive coding know-how. Genies is currently testing avatar creator tools for consumers through an invitation-only beta program.

Last year, Genies announced partnerships with Warner Bros. Entertainment Inc. and Universal Music Group N.V, two of the world’s largest record labels. The record labels stated that they will use Genies’ technology to let artists create avatars of themselves in the metaverse. The vision is to facilitate new types of virtual experiences for fans. 

Universal said when its partnership with Genies was announced that its metaverse plans include giving artists the ability to create avatar wearables for fans. Warner Bros., in turn, envisions artists turning new cultural endeavors into “Digital Wearables Drops.” Genies claimed today in conjunction with the funding announcement that it has a “99% celebrity avatar market share.”

Genies allows users to turn virtual creations they launch using its tools into nonfungible tokens. The startup also operates a marketplace, dubbed The Warehouse, through which users can buy and sell NFTs.

“Genies has established its leadership in Web3 with remarkable speed and focus, fueled by a long-term vision and clarity of purpose that we have been watching closely and greatly admire,” said Silver Lake co-CEO Egon Durban. 

Genies will use its latest $150 million funding round to hire more engineers. The startup said it plans to continue enhancing the core technology powering its avatar tools and surrounding ecosystem. 

Image: Genies