Chinese media outlet CYZone reported on Monday that Gotin, an online activity platform, recently completed a Pre-A round of financing. This round of funding was led by GL Ventures and followed by MSA Capital, Jinshajiang Venture Capital, and Picus. MM Capital served as exclusive financial advisers for the deal.
The funds will be used for the upgrading of the company’s products, 3D online activities and further development of the company’s market plan.
Gotin, established in 2020, is positioned as a highly interactive online activity platform. Its CEO, Chen Yue, previously founded several other IT and cultural media companies, and has served as consultant to McKinsey, the United Nations and the general manager of business of Motorola in China. During the epidemic in 2020, Chen organized volunteers to donate materials online. Afterwards, seeing that people’s social activity habits had been drastically changed by the epidemic, Chen decided to set up Gotin.
“The biggest impact of the epidemic on people is that they are getting used to doing things online. This does not mean that online activities will replace offline activities, but that online activity products will continue to grow. Enterprises will also pay more attention to participants’ need for both online and offline meetings.”
There are three major elements to an online virtual exhibition: the people, their interactions, and the space in which they meet. At the beginning of Gotin’s establishment, the company chose to focus on interaction first with audio and video being the most direct carrier of this interaction.
According to different communication types, Gotin provides organizers with both one-to-many and odd numbered conference choices, such as interactive live-streaming, multi-person forum, 1V1 social interaction, round table conference, and other features. Organizers can choose to create their own online conference processes on the platform.
For large-scale exhibitions and more immersive activities, Gotin provides online virtual spaces and digital characters for organizers. Through Gotin’s 3D modeling section, the organizers can easily set up 3D exhibition halls and interactive areas which can help create a more immersive atmosphere.
Before and after an event, Gotin will provide an easy-to-use member management and data management platform. During an exhibition, Gotin will collect several pieces of data and then generate analysis reports and intelligent decision-making schemes to better refine operations.
Since its establishment, Gotin has served more than 2,000 conferences, including the Mobile World Congress, 2021 China Internet Conference, U&AI Camp | AI for SDGs Youth Bootcamp, and others. Large scale customers include the United Nations, CGTN, Huawei, Tsinghua University, Harvard University, among many others.
In 2021, the company began to expand into the 3D online activity market, breaking the constraints of time and space through AI, video and 3D technology. The virtualization of characters, interactions and spatial experiences in the activities can be tailored to the needs of several different types of activities while helping participants and organizers better connect with each other.
After this round of financing, Gotin will continue to exert its strength in products and commercialization. In terms of products, Gotin will continue to optimize existing modules and 3D editors so that users can have better 2D and 3D virtual conference experiences. This year, Gotin also plans to launch an independent app and a community customer relationship management tool, based on which customers can develop corresponding commercial applications.
Data shows that the scale of the global online activity market will exceed 600 billion yuan ($94 billion) in 2020, and it is estimated that the market scale will exceed 3 trillion yuan by 2027. With the birth of metaverse and virtual technology, online activities will expand into more applications such as social networking and e-commerce.