Alexander Zacke, CEO of Auctionata, coins the term ‘Art Tech’ to describe the current growth in art market technology companies that “leverage technology to drive the purchase of art objects.”
He then goes to list art tech companies that have attracted significant venture capital funding:
- Artsy – Investors include Jack Dorsey and Peter Thiel.
- Artspace – $8.5m. Investors include Canaan Partners.
- Paddle8 – $4m. Investors include David Frankel.
- Artfinder – Investors include Reid Hoffman, and Wellington, Northzone, and Greylock.
- Auctionata – $20.2m venture funding.
With significant disruption in the market, it’s wide open for new technology companies:
As more and more resources are dedicated to this industry and companies continue to improve their technology and business models in this space, anyone who wants to compete should get in sooner rather than later. The market is ripe for further investment, disruption and growth, and the time is now.
Read the full article here: The Birth of Art Tech – Alexander Zacke – Voices – AllThingsD.