The Portuguese startup MyDidimo got an investment of 6 million euros, thanks to a group of Portuguese companies and community funds, to bet on the development of technology that allows to create “digital twins” of people.
Founded in 2016 in Porto, the MyDidimo managed to convince a group of Portuguese companies – Portugal Ventures, Farfetch UK Limited, Bynd Venture Capital, Beta-i and LC Ventures – to invest around 4.6 million euros in their technology. This, after the middle of this year, has secured funding of € 1.8 million from the European Commission in support of innovation.
“The main goal is to start selling this technology to the international digital entertainment and retail market,” says MyDidimo CEO and founder Verónica Orvalho, speaking to Cash Money.
The company will invest much of the money in human resources to broaden the workforce. “In the area where we work, high technology,” we have to “look for the best professionals, which are very expensive,” explains Verónica Orvalho.
MyDidimo is dedicated to the development of digital twins, particularly for companies like Sony that use the technology of the Portuguese company in PlayStation games.
Farfetch, an online luxury clothing company, also uses software developed by MyDidimo to enable potential buyers of its site to see how a particular piece of clothing fits their bodies.
The name of the company was inspired by the Greek term "Didimo" which means "twin". Technology is about creating someone's digitally animated twin from a photograph. “Each person can then use this digital version of themselves to innovatively connect with their surroundings in areas such as gaming, shopping and mixed reality communication,” the company points out.
The technology can be applied at conferences, as happened at TEDxPorto 2018, at a different time than usual.
In MyDidimo's horizon is the Health sector, where it expects to be able to intervene at the end of 2020.
However, there is a possibility that the company may receive more capital through an international investor in the coming months, as Dinheiro Vivo learns.