PandaScore Raises $6 Million to Apply AI to Esports
PandaScore, a French startup that provides real-time AI-powered data for the esports entertainment industry, has raised €5M in a series A funding. The round is led by Serena and aXiomatic Gaming, along with new and existing investors
Paris-founded startup PandaScore, which supplies the esports industry with AI-powered statistics and odds, announces that it has raised €5M (~$6M) in funding. The round is led by V13 Invest (FDJ x Serena), with other investors in the round being existing investor Alven, sports-tech investor KB Partners and esports owner and investor aXiomatic Gaming.
Esports is estimated to have close to 500 million fans worldwide and the industry accounts for over $1bn in global revenues. PandaScore wants to add more fuel to the industry’s growth.
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“Esports’ explosive growth is dependent on better data”, says PandaScore founder and CEO Flavien Guillocheau. “Better data lets media companies broadcast more engaging content, bookmakers offer better esports products, and teams and tournaments capture more lucrative sponsoring money. Data is the fuel that powers the esports community and we’re proud to be supplying that fuel.”
Collecting data in real-time from ongoing esports matches, PandaScore uses its proprietary artificial intelligence to sift out and analyze the most useful pieces of information as it happens. Esports broadcasters use this data to give their audiences a richer and more fun experience. Betting traders gain an edge utilizing machine learning to set better odds and a larger esports offering.
“The COVID-19 pandemic highlighted a significant lack of resilience among traditional bookmakers, who really need to increase their agility”, commented Olivier Martret, principal at Serena. “And this is where PandaScore can help. With FDJ, we are convinced that Pandascore’s tech is a key asset for bookmakers, enabling them to gain new market shares and more efficient and reliable services.”
PandaScore taps into the trend of a new generation tuning in to esports for entertainment and betting just as much as their older peers have done with traditional sports. The trend has only been emphasized by the recent lockdowns in many countries, which have disrupted regular sports more than they have the online gaming esports industry.
PandaScore has recently signed some of the fastest growing companies in the esports entertainment and esports betting industries as clients, including fantasy esports company Sleeper and leading companion app Strafe, global esports organization Top Esports and leading LATAM sportsbook BetCris.The company will use the new funding to expand the team and esports title coverage.