Prominent VR games studio, Resolution Games, today announced it has closed a Series C funding round of $25 million (USD), bringing the company's total funding to $38.5 million. The round was co-led by Qualcomm Ventures LLC and BITKRAFT Ventures, followed by Knutsson Holdings AB. Prior investors who also took part in this round include GV, MizMaa, GP Bullhound, Partech, Creandum, Initial Capital, Bonnier Ventures and Sisu Game Ventures.
“Six years ago, Resolution Games was one of the first studios focused on VR and AR. We've learned a lot, worked in a time with limited technology, survived a small market, and have continued to think big-picture and long-term,” said Tommy Palm, CEO of Resolution Games. “We see vast potential in VR and that the market is maturing. We want to up the game and standard for quality to ensure VR users have the best possible experience, and that VR games not just meet - but surpass - the potential from what we've seen on other platforms like PC and console.”
As one of the only VR studios to continually update the majority of its titles including Demeo, Blaston, Cook-Out: A Sandwich Tale and others, Resolution Games has seen a desire from the communities for live games. As a result, the studio plans to dedicate more resources to ongoing development of existing titles as well as delivering additional live games. Already with more than 100 employees internationally, this latest infusion of capital allows the studio to accelerate company growth even further and scale ahead of the projected market growth as the industry model shifts toward games as a service (GaaS), which requires larger teams to support games post-launch with live-ops teams.
Resolution Games also announced today that Boaz Peer, Senior Investment Director, Qualcomm Ventures Europe and Israel at Qualcomm Israel Ltd., will join the studio's board of directors, and Malte Barth, founding general partner of BITKRAFT Ventures, will be a board observer.
“The VR market is growing at an accelerated pace, and we expect this trend to continue in the next few years,” said Mr. Peer. “Resolution Games has demonstrated it can create world class IP, compelling immersive experiences and has shown great leadership across the market. We are excited to invest in Resolution Games to support the growth of superior mobile VR and AR experiences.”
Mr. Barth added, “From spearheading super-close, slow-speed dueling in VR to giving gamers a lifelike tabletop dungeon crawler experience in VR, Resolution Games has developed groundbreaking games both in terms of genres and gameplay. The company's vision around VR multiplayer casual and competitive gameplay is truly groundbreaking, and we are excited to work with Tommy and his seasoned team to support the next level of growth as the studio continues to bring highly immersive and engaging VR and AR experiences to the world.”
The studio's funding announcement comes on the heels of one of the top VR game launches the industry has seen. Launched in May, RPG dungeon crawler, Demeo, has already surpassed the multi-million dollar mark in revenue and has blown away records for time spent, retention and more. Resolution Games recently released a major update to Demeo with its latest adventure, Realm of the Rat King. Its hit VR dueling game, Blaston, was also recently updated with the Crackdown update.
To learn more about Resolution Games, visit www.resolutiongames.com and follow them on Twitter and Instagram.
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About Resolution Games:
Resolution Games is a games studio led by some of the top minds in the industry, forging a world-class catalog of titles that brings players into the richest VR and AR worlds possible. As one of the first studios dedicated solely to creating experiences for these platforms, Resolution Games' titles rank among the top rated and most downloaded games in the space. Games like Bait!, Blaston, Demeo, Acron: Attack of the Squirrels!, Angry Birds VR: Isle of Pigs and Cook-Out: A Sandwich Tale illustrate the innovative and immersive ways the studio is constantly pushing the boundaries of what is possible.
Founded in 2015, Resolution Games is privately held and based in Stockholm, Sweden. Follow the company at www.resolutiongames.com and on Twitter and Instagram.
About Qualcomm Ventures:
Qualcomm Ventures, acting through Qualcomm Ventures LLC or its affiliated entities, has been making strategic investments in technology companies that have the potential to dramatically transform our world since 2000. As a global investor, we look to help entrepreneurs build revolutionary businesses that reshape the world around us. For more information please visit: www.qualcommventures.com.
About BITKRAFT Ventures:
BITKRAFT Ventures is a global early- and mid-stage investment platform for gaming, esports, and interactive media. Founded by esports veteran Jens Hilgers, BITKRAFT serves a worldwide network that spans some of the industry's most forward-thinking startups and founders working to build and operate the virtual worlds and economies of the future. BITKRAFT operates four venture funds with a total of over $420M USD in assets under management and has over 40 companies in its global portfolio.
BITKRAFT's experienced international team creates significant value through early candid partnerships, unparalleled domain experience, entrepreneurial history, and a global ecosystem of strategic partners.
Find out more about how BITKRAFT and its portfolio companies are pushing the boundaries of Synthetic Reality® by visiting https://www.bitkraft.vc/vision.
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