Avanti Studios secures €10 million seed round

Avanti Studios, the Live Casino software provider founded by LeoVegas founder Gustaf Hagman and Authentic Gaming founder Jonas Delin, has closed a €10 million seed funding round, marking one of the largest seed raises completed in Sweden and the UK this year.

LeoVegas is an iGaming company headquartered in Sliema, Malta.

Announcing the investment on LinkedIn, Mr Hagman said the round became heavily oversubscribed shortly after launching, describing the funding as validation of the company’s product, technology, team and long-term vision.

“What started as a vision to fundamentally disrupt Live Casino has now become one of the larger seed rounds completed in Sweden and the UK this year,” Mr Hagman said.

The Stockholm-headquartered company launched with the aim of tackling some of the Live Casino sector’s longstanding challenges, including high operating costs, limited scalability and slow innovation.

Avanti combines real-time multiplayer gameplay with artificial intelligence, motion-capture technology, cloud streaming and 3D animation to create digital dealer experiences designed to replicate the authenticity of land-based casinos.

The company’s technology is built around AI-powered digital dealer clones, which are created using recordings of professional croupiers. According to Avanti, this allows operators to maintain the trust associated with traditional live casino products while reducing operational complexity and enabling significantly greater scalability.

In his announcement, Mr Hagman said investors were attracted not only by Avanti’s ambitions in Live Casino but also by the broader potential of the technology platform underpinning the business.

He noted that the platform combines Unreal Engine, cloud streaming, motion capture and AI-driven digital humans to create real-time interactive experiences that could eventually have applications beyond gaming, including education, healthcare, fitness and entertainment.

The company has assembled a team with experience from organisations including Google, Electronic Arts, Embark Studios, Ubisoft, Starbreeze, Avalanche Studios, Meta and NASA.

Mr Hagman also revealed that Avanti has recently signed agreements with several major iGaming operators, signalling growing industry interest in its approach to Live Casino.

Founded by two industry veterans, Avanti draws on decades of experience in online gaming. Mr Hagman previously founded LeoVegas, while Mr Delin established Authentic Gaming, a live casino supplier later acquired by Light & Wonder.

“Traditional Live Casino has been slow to embrace innovation,” Mr Delin said when the company launched. “We’ve put technology at the centre, eliminating human error and operational bottlenecks so operators can focus on growth while delivering the best possible player experience.”

Avanti plans to begin rolling out its products in regulated markets, initially targeting Spain. Its first releases are expected to include several Live Baccarat and Live Blackjack variants, Dragon Tiger and localised Top Card games tailored to specific markets.

The newly secured funding is expected to support the company’s commercial expansion and continued development of its AI-powered Live Casino platform.