Industry veterans from California-based video game development company, Riot Games have reportedly raised USD 37.5 million to start on Theorycraft Games studio. Notably, the raised money will be used to recruit diverse talent to the Theorycraft team in order to develop a community-driven, player-versus-player (PvP) game that is available on several platforms.
Seemingly, the studio of six people is based in Los Angeles and Seattle and is working on competitive PvP games.
For the record, the funding round was led by NetEase- a Chinese internet technology company and other investors like NEA, Griffin Gaming Partners, Bitkraft Ventures, Sisu Game Ventures, along with a small group of strategic angel investors.
It is worth mentioning that leaders once worked at Riot Games, Valve Software, Blizzard, and Bungie. They helped develop leading games like Destiny, Halo, Valorant, League of Legends, Team Fortress 2, and Overwatch.
Citing reports, Theorycraft’s notable team includes Michael Evans – an ex-tech lead for Overwatch, Halo, and Valorant as the CTO, Mike Tipul- a former creative director at Bungie as the CCO, Moby Francke- an ex-art director on League of Legends, Dota 2, Team Fortress, and Valorant as the art director, and Areeb Pirani as the COO who earlier worked as the global revenue and finance lead for the League of Legends franchise.
As per a statement by the company, Theorycraft Games aims at creating deep games that give gamers the chance to connect, compete, and be delighted by the story.
Additionally, the new company is focusing on meeting the players exactly where they are, irrespective of the platform they play on, their location, or the amount of money they can spend.
Joe Tung, CEO and Founder, Theorycraft Games, was reportedly quoted stating that the company aims at making deep 10,000-hour games that are best enjoyed with friends. The company is developing games that will natively be multiplatform and would operate in a cross-platform manner.
Source Credit: https://venturebeat.com/2021/03/04/riot-veterans-raise-37-5-million-for-theorycraft-games-startup/