Eros Innovation Bags $150M Investment, Acquires Empirical Wax

Eros Innovation announces a $150 million investment and strategic acquisitions, including Empirical Wax and a $97 million IP portfolio.

Eros Innovation has announced securing approximately $150 million in capital and strategic acquisitions driven by accelerating its transformation into an AI-focused media and entertainment platform. The transactions include a $50 million primary investment led by Plenitude Capital and around $100 million in creative and technology acquisitions, including London-based AI studio Empirical Wax.

The funding round was advised by Greenback Capital at the Dubai International Financial Centre and will boost the expansion of Eros’ AI infrastructure, development of immersive content formats, and growth of its intellectual property portfolios. The company operates with over $1 billion in assets, positive free cash flow, zero external debt, and a media platform valued at $2 billion.

“We are building the sovereign creative infrastructure of the future—where content, capital, and computation converge to deliver intelligent and ethical entertainment to billions of people,” said Kishore Lulla, founder and chair of Eros Innovation.

The company’s strategy revolves around its generative AI model. Eros GenAI, a proprietary multimodal foundation-model platform trained on a mind-blowing 1.5 trillion cinematic, musical, behavioral, and cultural tokens, was developed in partnership with IIT Chennai. It is designed with scalability and cultural adaptability across markets in mind.

The platform features AI-driven video generation and editing, voice dubbing and synthesis, automated lip-sync, generative music and audio intelligence, and avatar creation. Eros GenAI will power tools across the company’s landscape, from creator applications to virtual and live experiences.

To that end, Eros Innovation has inked an agreement to acquire 100% of Empirical Wax, the London-based immersive entertainment studio that specializes in real-time AI music and cinematic production. The acquisition will be integrated into the company’s Eros Xperiences division to enhance capabilities in live avatar concerts, virtual stage environments, and mixed-reality productions across mobile, AR/VR, and physical venues.

Further, the company has completed the acquisition of a $97 million IP portfolio that includes films, music, and multilingual digital content to add to its repertoire. The acquisition expands the company’s monetizable licensing base and its proprietary AI training data catalog.

Now, Eros Innovation operates an ecosystem that encompasses more than 80 million subscribers, over 12,000 film titles, and 100,000-plus AI-ready characters.

These assets will buoy the forthcoming Eros Universe Super App—a character-led creator-economy platform that combines AI tools, tokenized content, and immersive experiences across a unified interface. The platform aims to enable creators, partners, and fans to co-create, distribute, and monetize content, stories, characters, and experiences in real-time across multiple markets.