Other investors including Emtek, MDI, Trinity Optima and Massive Music joined this funding round, while early investor Future Creative Network (FCN) participated again.

“We remain committed to further enhancing the expertise and capabilities of our team across diverse industry domains while fortifying our existing community, distribution channels, and ecosystem,” said Genexyz cofounder and CEO Belinda Luis in an official statement released on Wednesday.

As per the release, the company aims to use the new funds to expand its presence in the Southeast Asian market. Additionally, it plans to focus on developing more interactive technology that could establish strong connections with relevant communities, enabling firms to maximize their impact on clients.

Genexyz is a technology platform specializing in meta-human technology and virtual influencer intellectual property (IP). Its focus lies in offering scalable and dependable data and technology solutions to meet consumer demands.

The firm positions itself in the fields of creative industries, advertising and Web 3.0 ecosystems as a “modern solution” for brands and companies seeking to build a long-term presence through technology.

Launched in 2022, Belinda and Christian Melvin cofounded the tech company together after recognizing the limitations in content, interactions and influencer functionalities in the market. Prior to this venture, Belinda had made her mark in the tech industry with Titans Tech, a digital reality and gaming solutions company she founded in 2020.

Genexyz has also ventured into the direct-to-consumer (D2C) segment through strategic collaborations. It has partnered with Indonesian culinary start-up Eatlah and several renowned brands, such as Bango, Tokopedia, Tiket.com, Ismaya Group, Nivea, Pepsodent and Ujung Ujungnya Dangdut (UUD).

The firm said it aimed to expand in both the business-to-business (B2B) and business-to-consumer (B2C) segments.

East Ventures investment professional Gavin Andrian expressed confidence in the firm’s potential.

“With the continuous growth of the digital media landscape, we believe that the futuristic innovations brought forth by Genexyz hold tremendous potential to empower brands in capturing immense opportunities for consumer interactions in the future,” said Gavin.

Social media's significant impact on consumer purchase decisions has made influencers a powerful catalyst for brands and marketers. Partipost, an influencer marketing platform in collaboration with MSW Ventures, reported that influencer marketing in Asia was projected to surpass a market value of $19 billion in 2023 and was expected to hit $30 billion by 2027.

In 2023, 57.5 percent of Indonesian brands allocated marketing budgets above Rp 100 million, up from 42.5 percent in 2021, according to Partipost. Influencers ranked third in media spending, with social media platform Instagram remaining the top media spend, followed by TikTok.

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