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DealStreetAsia

Malaysia animation platform raises $9m led by Microsoft fund

LottieFiles supports 1m users at Google, TikTok and othe tech giants

M12, Microsoft's venture fund, has high hopes for LottieFiles.   © Reuters

KUALA LUMPUR -- Malaysia and U.S.-based animation workflow platform LottieFiles announced a $9 million series A round led by Microsoft's M12 venture fund, with participation from existing investors of 500 Startups, a venture capital company.

Other participants included U.S. software company Adobe.

"We help designers and developers create interactive motion graphics that make their products stand out, without the traditional steep learning curve," said LottieFiles co-founder and CEO Kshitij Minglani.

According to the company, the fresh capital will be used to augment the product road map, expand infrastructure to support its 300% year-on-year growth, and increase its global user base.

LottieFiles.com claims to have surpassed one million users from over 65,000 companies, including Google, TikTok, Disney, Uber, Airbnb and Netflix.

The majority of today's most popular apps use the Lottie format for their motion graphics due to its lightweight file size, which is over 600% smaller than traditional GIF files.

"Their platform not only disrupts the existing design industry but also empowers an entirely new set of users by unlocking many new opportunities to use motion," said M12 partner Abhi Kumar.

LottieFiles raised an undisclosed sum in April 2020 from 500 Startups and Adobe Fund for Design.

Microsoft's venture fund invests in enterprise software companies primarily in the series A through series C stages, with a focus on applied artificial intelligence, business applications, infrastructure, security and vanguard technologies. The fund has offices in San Francisco, Seattle, London, Tel Aviv and Banglaore.

500 Startups has invested in over 2,450 companies across 78 countries. Notable investments include Credit Karma, Canva, Talkdesk, Intercom, GitLab, Grab and Bukalapak.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

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