After it successfully implemented its innovative live tech feed during last season’s Major League Baseball games on NBC, nVenue has plans to expand its focus on additional sports. Its latest funding raised $3.5 million, and the money will be used to further develop the startup’s high-tech micro-betting solutions.
NVenue Eager to Scale Its Offers
NVenue is a 2018 Dallas-based business-to-business company that offers live sports predictive analytics. Its technology leverages machine learning and artificial intelligence to generate accurate probabilities for all possible outcomes of a game. The platform allows sports aficionados to choose from up to 15,000 betting opportunities during a single game of baseball.
The bets can include anything from players’ pitches, who will score the next point, or anything in between. The platform was first used to offer live tech feed during NBC’s Chicago White Sox VS Oakland A’s game last season, along with a series of other Major League Baseball broadcasts.
Now, the start-up plans on reaching new broadcasters and sportsbooks, while expanding its focus on the National Basketball Association, National Hockey League, and other sports. nVenue is also planning on scaling its offering and its successful $3.5 million funding round will help it achieve its goals faster.
Initially, the product was meant to be directly used by consumers with the help of a smartphone app. At the moment, the startup wants to partner with a number of sports-related businesses and networks. Co-founder and chief executive officer Kelly Pracht anticipates that, by the end of the year, her team will grow from its current nine employees to 20. Pracht also plans on setting up an office in Dallas sometime in the summer.
Pracht, a big sports aficionado herself, believes sports fans want to be able to engage with their favorite sports in real-time and see what a certain player or team could do next within a live game instead of learning about past events and last year’s statistics.
nVenue Raised Over $4 Million to Date
The recent fundraising round was not a first for the startup. To date, nVenue managed to raise more than $4 million. Pracht expressed her hope that her company’s success in terms of funding could be used as further inspiration by other women in the sports and high-tech industries.
The $3.5 million funding round was led by Corazon Capital and KB Partners from Chicago. Corazon Capital’s co-founder Sam Yagan stated that nVenue’s algorithms set it apart from any other product on the market by unlocking engagement solutions that were not possible before.
By giving viewers insights into what is going to happen next within a game, even people who are not necessarily sports bans or bettors will feel more engaged in the act 7BALL ion on the screen.
The special predictive algorithm was developed together with professional baseball and football leagues. The fresh capital boost will enable the startup to expand into six new sports in the near future. While sports betting is not yet legal in the state of Texas, many lawmakers are running active campaigns to change the legislation.
