Los Angeles-based high-tech circus Two Bit Circus has raised $6.5 million in Series A funding. Techstars Ventures and Foundry Group led the round with participation from Intel Capital. In addition to the funding, Mark Solon, a managing partner at Techstars Ventures and Ryan McIntyre, a managing director and co-founder at Foundry Group, have been added to the Two Bit Circus board of directors.
LOS ANGELES–(BUSINESS WIRE)–Two Bit Circus, an experiential entertainment company, today announced that it has closed $6.5 million in Series A funding to accelerate building the future of fun. The investment was led by Techstars Ventures and Foundry Group with additional investment from Intel Capital. This is the first time the three-year-old company has raised capital.
Two Bit Circus is a leader in immersive storytelling on next-generation platforms. Its public installations turn passive entertainment into interactive experiences and bring people together in unexpected ways. Productions include STEAM Carnival featuring high-tech games and engaging workshops to inspire kids of all ages. The company has also pioneered virtual reality activations for top sports brands combining 360° video and haptic platforms for total immersion.
The new funding will be used to expand STEAM Carnival into a national brand; develop original content for VR, mobile and web; and ramp up its business renting high-tech entertainment to conferences and events.
“We’re thrilled to be working with such great partners to bring our crazy circus to a broader audience,” said Brent Bushnell, CEO and co-founder of Two Bit Circus. Added Eric Gradman, co-founder and Mad Inventor, “The latest sensors, computer vision and artificial intelligence unlock new forms of play and reconnect people IRL (in real life).”
“Two Bit Circus’ traction to date with its high-profile customers clearly demonstrates their leadership position in this expanding market,” said Mark Solon, managing partner at Techstars Ventures. “Our investment will help Two Bit Circus capitalize on the demand for their unique entertainment and accelerate the company’s pace of product innovation and growth,” noted Ryan McIntyre, managing director and co-founder at Foundry Group. In conjunction with the financing, Mark and Ryan will be joining the company’s board of directors.
The transaction precedes the upcoming launch of STEAM Carnival in San Francisco at the 100,000 square foot Pier 48 November 6-8, 2015. The event captures the imaginations of adults and kids alike with a special focus on igniting interests in Science, Technology, Engineering, Art and Math. The event features mind-blowing games, interactive amusement, stage shows, aerialists, food and more.
About Two Bit Circus
Two Bit Circus is a modern high-tech circus creating the future of fun. This team of artists, inventors, educators and performers build big games, tell stories with technology, and make liberal use of lasers, fire and robots. Their productions aim to inspire, engage and reinvent the way people play. For more information, visit www.twobitcircus.com or follow @TwoBitCircus.
Techstars is a global ecosystem empowering entrepreneurs to bring new technologies to market. Techstars manages more than $300M in investment capital and is currently investing out of their third fund, which is $150 million and focuses on Seed and Series A investments. The venture funds primarily co-invest alongside the venture capital and angel communities in Techstars accelerator program graduates, new companies started by Techstars alumni, and companies formed by Techstars mentors.
About Foundry Group
Foundry Group is a venture capital firm focused on investing in early-stage information technology, Internet, and software startups. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging their experience in starting and growing companies, expertise in the technology industry, and network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado and invests in companies located across the United States. For more information, visit www.foundrygroup.com.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested nearly US$11.6 billion in over 1,440 companies in 57 countries. In that timeframe, 213 portfolio companies have gone public on various exchanges around the world and 373 were acquired or participated in a merger. In the first half of 2015, Intel Capital invested $134 million in 63 deals, including 29 new portfolio companies, and saw 10 exits. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.