EventX, an Asia-based enterprise virtual event management company, has closed a US$10 million series B funding co-led by HTC, a virtual reality (VR) leading company, and Gaocheng Capital, a top China-based private equity fund focused on enterprise software and technology-enabled services sectors. EventX’s unique capabilities, which include support for in-country and cross-border events with Mainland China, has successfully gained the company contracts from hundreds of the world’s biggest events industry players and brands including Alibaba, PwC, GL Events, Informa, Reed Exhibition, Yahoo, government departments, and universities, etc.
EventX is a dominant virtual event platform in Asia, especially for events that involve Mainland China attendees where its unique design architecture overcomes internet firewalls to enable the service of any cross-region events. Meanwhile, HTC VIVE has gained great attention and acclaim for its strides in VR research and development. By combining the knowledge pools of the two respected digital trailblazers, a range of unique experiences is set to be developed through this strategic alliance. Both the founding of this strategic alliance and the massive enthusiasm of its investors follow a year of an incredible performance by EventX — during which the company has rocketed Year of Year user growth of over 800% — and several years of over 5 million satisfied attendees in over 20,000 online, hybrid and offline events.
Jing Hong, Founding Partner of Gaocheng Capital said, “Gaocheng is committed to supporting next-generation SaaS solutions and bringing them to a new level of growth. We were extremely impressed by EventX’s innovative product offering, talented management team, and hypercharged growth. As the pandemic continues to disrupt offline exhibitions and trade shows, EventX’s online and hybrid virtual technology is uniquely positioned to help businesses of different scales draw customers and expand connections over China and around the world.”
The Covid-19 health pandemic has drastically curtailed travel and how people spend time in crowded places, decimating the wider event industry, estimated to be worth more than $1 trillion annually before Covid, in its wake. COVID-19 has permanently transformed the professional events category, it also raised attention to venture capitalists to pour in massive capital to the virtual event software space. A comparable company in the UK called Hopin has raised $565 million and is valued at USD5.65 billion in just two years, making it Europe’s fastest-growing startup of all time.
EventX is the rising player in the same virtual and hybrid event space focusing in the Asia region. With their unique China accessible ability and together with HTC VIVE, they will be adopting VR and prospecting technology into the core capabilities of the event SaaS product to make it accessible and reinvent the virtual event experience. For the first attempt to add VR and prospecting technology into core capabilities, they are releasing a virtual event lite platform and open it for segments such as NGOs, SMEs and Startups to register and organize virtual events for free here.
Joseph Lin, President of VIVEPORT said, “VR has the power to improve the world. At HTC VIVE we strive to create the tools to expedite VR adoption — using not only our VR devices but also computers, tablets, and smartphones — and interact effectively. The strategic alliance with EventX illustrates HTC VIVE’s continuous efforts in providing people and enterprises with the tools to meet, socialize, and learn in VR and beyond. Massive possibilities and enthusiasm can be seen in this partnership to bring people closer together without any geographical boundaries.”
EventX co-founder and CEO Sum Wong commented on the strategic alliance saying, “It is certain that virtual workspaces and virtual events will become the new norm. The creation of this alliance will result in a deep level of integration between our own expertise and HTC VIVE’s groundbreaking work in the VR space. This collaboration will result in EventX bringing virtual and hybrid event experiences to a brand new level of immersion and interactivity. To take the responsibility as one of the event industry leaders, EventX will keep exploring new possibilities of event technology, popularizing the application, and creating users’ needs.”
EventX is going to invest heavily in products and engineering for leading the recovery of the events industry during the current pandemic, which will not only stabilize and solidify existing virtual event services but carve out new spaces and opportunities for the marketing and event industry.