Vizrt shows how live video can be produced anywhere, without complex studio setups
Updated
May 1, 2026 2:25 PM
A camera filming a still life on a table. PHOTO: UNSPLASH
Vizrt, a media technology company, has introduced a new AI-powered tool to simplify the creation of virtual scenes in live production. Its latest release, the AI Keyer, is built around a simple idea: remove the need for green screens and make virtual production possible in almost any environment.
Traditionally, creating virtual backgrounds or augmented reality (AR) scenes requires controlled studio setups, green screens, precise lighting and skilled operators. That makes high-end visual production expensive and difficult to scale, especially for smaller teams or live, on-the-ground reporting.
The AI Keyer is designed to address that gap. It uses AI trained on real-world footage to identify people in a frame and separate them from the background in real time. This allows production teams to replace backgrounds, insert AR graphics or place presenters into virtual environments—whether they are indoors, outdoors or on location.
"Creating XR environments typically demands large infrastructure investments and requires specialized skills for daily operations. The Vizrt AI Keyer removes all these constraints, so high-quality virtual scenes and AR graphics become a reality for live productions of every size", says Edouard Griveaud, Senior Product Manager at Vizrt.
In practical terms, this means a presenter can appear in a different location without moving, a remote speaker can be placed inside a virtual event space or branded graphics can be added to live interviews without a complex setup. The system works without chroma keying, reducing both preparation time and production overhead.
This shift also reflects how the company is approaching AI more broadly. Instead of treating it as a background feature, Vizrt is positioning AI as a core part of the content creation and delivery process.
"AI is transforming the world, and the creative industries are no exception. At Vizrt, we have been on this journey for years, embedding intelligence into our solutions, empowering storytellers and delivering real, measurable impact for our customers", says Rohit Nagarajan, CEO of Vizrt. "That is not a vision for tomorrow. That is happening today. The Vizrt AI Keyer is the latest proof point of our relentless commitment to innovation. Putting breakthrough technology in the hands of every creative, at every level, everywhere in the world".
Beyond the product itself, the direction is clear. By removing the need for green screens and complex setups, tools like the AI Keyer make it easier to produce high-quality visual content in more flexible settings. The result is a production model that is less tied to physical studios and more adaptable to real-world environments, where content can be created and adjusted in real time.
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Why More Growth Companies Are Looking Beyond the Traditional IPO
Updated
June 4, 2026 11:24 PM
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Enhanced Games at Resorts World Las Vegas. PHOTO: FACEBOOK@ENHANCEDGAMES1
Enhanced Games reached the public markets in less than six months.
In an era where traditional IPOs can take more than a year to complete, the speed of the company’s merger with A Paradise Acquisition Corp. (NASDAQ: APAD) stands out, particularly given the significantly tighter regulatory scrutiny surrounding SPAC transactions since 2021.
The transaction highlights why some growth-stage companies are evaluating special-purpose acquisition companies (SPACs) as a viable alternative to the traditional IPO process.
Led by Dr. Aron D’Souza and backed by investors including Peter Thiel and Christian Angermayer, Enhanced Games announced its Business Combination Agreement with APAD in November 2025. The transaction closed in May 2026, bringing the company to the public markets materially faster than the timeline typically associated with a conventional IPO.
For decades, the traditional IPO has been considered the default route for private companies entering the public markets. But for many high-growth businesses today, the process has become increasingly slow, expensive, and difficult to execute efficiently.
A conventional IPO can take well over a year to prepare, involving extensive audits, regulatory reviews, underwriter coordination, investor roadshows, and careful timing against market conditions. During that period, companies remain exposed to volatility, shifting investor sentiment, and delayed access to capital. According to EY, many companies postponed planned IPOs amid market volatility and uncertainty surrounding U.S. tariff announcements, highlighting how sensitive IPO execution can be to broader market conditions.
For businesses operating in fast-moving industries, timing matters. Delayed access to liquidity can slow expansion, hiring, acquisitions, partnerships, and product development at critical stages of growth.
That is one reason why the merger between Enhanced Games and APAD is notable. The SPAC structure allowed Enhanced Games to negotiate valuation, governance terms, and financing arrangements early in the process, compressing many of the steps normally associated with a conventional IPO into a single transaction.
Enhanced Games operates across sports, media, performance science, and wellness, sectors that require significant upfront investment and rapid execution. Earlier access to public capital provided the company with liquidity, visibility, and strategic flexibility at an important stage of growth.
The public listing also gives the company tradable equity that can potentially support acquisitions, partnerships, athlete compensation structures, sponsorship arrangements, and future fundraising initiatives. These capabilities are particularly relevant in industries evolving as rapidly as sports entertainment, wellness, and human-performance science, where speed itself can become a competitive advantage.
The deal also highlights one of the SPAC market’s core advantages: the ability to combine capital raising and public-market entry within a single process.
Beyond speed, the SPAC structure offered Enhanced Games another major advantage: earlier visibility into valuation.
In a traditional IPO, pricing is largely determined near the end of the process through institutional book-building and investor demand during the roadshow phase. Even late-stage IPO candidates can face valuation cuts, downsized offerings, or postponed listings if market conditions weaken.
Recent IPO markets have repeatedly demonstrated this risk. Instacart went public in 2023 at an approximate US$9.9 billion valuation, which is dramatically below the US$39 billion private valuation it achieved during the 2021 market peak. Similarly, WeWork’s failed IPO attempt became one of the clearest examples of how rapidly investor sentiment can shift during the IPO process.
SPAC mergers operate differently.
Enhanced Games secured an implied enterprise valuation of approximately US$1.2 billion months before closing the transaction. While the merger still required SEC review and shareholder approval, the company gained significantly greater visibility into deal economics much earlier in the process.
That certainty is particularly valuable for growth companies whose valuations are tied more closely to long-term platform potential than near-term profitability.
Rather than relying entirely on shifting IPO market sentiment, the SPAC structure allowed Enhanced Games to negotiate around its broader growth strategy and future expansion plans from the outset.
The Enhanced Games transaction also reinforces why some growth-stage companies evaluate SPACs as an alternative to the traditional IPO process.
Traditional IPO investors often prefer businesses with long operating histories, stable earnings, and predictable growth profiles. Many expansion-stage companies simply do not fit that model yet, even if their long-term opportunities are substantial.
SPACs offer a different pathway.
Instead of waiting years to achieve the operational maturity typically expected in a conventional IPO, companies can access public-market capital earlier while still in growth mode.
For Enhanced Games, early access to the public markets provides more than capital. Public equity can support acquisitions, partnerships, athlete compensation structures, sponsorship arrangements, and future fundraising efforts. These capabilities are particularly important in sectors evolving as rapidly as sports entertainment, wellness, and human-performance science, where speed itself can become a competitive advantage.
The transaction also highlights how the SPAC market has evolved since the speculative boom of 2020 and 2021.
Today’s de-SPAC environment operates under significantly tighter regulatory scrutiny, including enhanced disclosure requirements, greater SEC oversight, and stricter treatment of projections and liability standards.
The Harvard Law School Forum on Corporate Governance noted that redemption rates spiked in 2022, in some cases approaching 100%, contributing to a significant slowdown of the SPAC activity.
In response to rising investor concerns and regulatory pressure, the U.S. Securities and Exchange Commission adopted enhanced SPAC disclosure and liability rules in 2024 designed to align de-SPAC transactions more closely with traditional IPO standards. Sponsors also faced greater pressure to demonstrate financing certainty, stronger disclosures, and more credible post-merger execution.
Enhanced Games completed its transaction within this more disciplined environment.
Its Form S-4 included audited financial statements, governance disclosures, transaction details, and extensive risk-factor analysis subject to SEC review. The company also supplemented SPAC trust proceeds with a separately arranged US$40 million PIPE financing commitment designed to strengthen liquidity and improve deal certainty.
That structure reflects a more institutional and disciplined SPAC market than the speculative wave seen several years ago.
The Enhanced Games transaction demonstrates that, despite tighter regulation and a far more selective market environment, SPACs can offer certain growth companies a practical alternative to the traditional IPO.
For businesses prioritising speed, capital access, and execution certainty, a well-structured de-SPAC transaction may provide a more efficient route to the public markets, particularly when supported by credible financing, disciplined structuring, and strong investor backing.