Virtual concert company Wave has raised $30 million in funding to help artists stage interactive gigs in cyberspace, according to a VentureBeat report.

The company uses broadcasting technology to turn performers into digital avatars in real-time, casting them onto a virtual stage complete with concert visuals and customized interactions. 

Wave hosts its virtual concerts -- which it refers to as "waves" -- on social and gaming platforms like YouTube, Twitch, Facebook, Oculus, and Steam, and has previously worked with artists like Jean-Michel Jarre and Lindsey Stirling.

The timing of the funding is particularly notable, with Fortnite's latest virtual concert tour, featuring Travis Scott, attracting over 27.7 million unique players across five shows. 

Those numbers along with the online reaction show there's an appetite for virtual performances like the ones seen in Fortnite, and Wave believes artists are finally starting to understand the value proposition presented by virtual events. 

"What we are building is very well-timed. And we’ve seen since the cancellations of live concerts; we don’t know when they’re going to come back and in what form. It's bittersweet," said Wave chief exec Adam Arrigo. 

"It’s taken our business to a completely new level, like we booked some of the biggest artists in the world for our next slate of shows. People understand what our value proposition is. Artists are looking for new forms of distribution, monetization, and innovation. They are more open to the conversation than before. It takes us a step closer to the Metaverse, or whatever you want it to be."