Parallel Studio Nets $35M in Funding Round Led by VanECK
In an official communication, the Paris-based game developer Parallel Studios yielded $35 million in a seed funding round. The successful fundraising was led by renowned crypto firms backed by angel investors.
In a blog post, the Parallel Studios team confirmed that VanECk led the fundraising in collaboration with Solana Ventures and Base Ecosystem Fund. Other participants in the funding round included Collab+Currency and the Spartan Group.
Parallel Studio Raises $35 Million in Funding Round
According to the announcement, key industry makers, including the founder of Solana Anatoly Yakovenko, Pudgy Penguins boss Luca Netz, and Raj Gokal, actively participated in the funding round. The multimillion fundraising propels the Parallel Studio valuation higher than the $500 million firm value in 2021.
In the previous fundraising, the Parallel team raised $50 million, which was used to support the studio’s core business. Upon contacting Parallel to inquire more about the funding round, the studio failed to disclose more information on how the funds would be used.
Recently the Parallel team has been making significant milestones in launching the GG’s 2023 game of the year. This game was classified as a free-to-play game with non-fungible tokens (NFTs) options that require the players to demonstrate their game mastery to reach high ranks.
In March, the studio revealed plans to launch a new game on the Solana network dubbed Colony. The fundraising came at an appropriate time when the studio was embarking on an exciting journey to transform the gaming sector.Days before the fundraising, the studio had unveiled a free-to-play game undergoing beta trials.
Parallel Studio Seeks to Develop New Game
A statement from a Parallel spokesperson revealed that the ongoing projects aim at onboarding more users to the Parallel Ambassador Program. He confessed that to attain a sustainable customer base for the Ambassador program, the studio will engage influencers to promote the program to a larger audience.
The executive confessed that in the coming months, the Parallel team will launch Epic Games and Steam and a new in-game Planetfall expansion. He confirmed that the Parallel games under development will be available in mobile applications after the official release.
With the ongoing development within the studio the representative was pleased to state that the number of registered users on the Parallel platform has been on the rise. The representative confirmed an increase in active users on the Parallel website.
The surge in the number of daily visits on the Parallel platform motivates the studio to proceed with the ongoing projects. A few weeks ago, the Parallel new AI-oriented game Colony faced tides of criticism.
This forced the Parallel team to draft an extensive whitepaper outlining the features of the new game, such as survival simulation, among others. The studio confirmed that the Colony will be positioned on the Solana network unlike in the other games developed on the Ethereum network.
Feature of Colony Game
In the meantime, the pre-alpha version of Colony has already been experimented. As earlier stated, the developers of Colony plan to use the investment funds generated from the funding round to support further development of the AI-inspired game.
In the announcement, the developers plan to integrate additional gaming features on Colony that will offer the players an impressive experience. The studio was pleased to state that the development of Colony was progressing well, and the company plans to hire new talent to support the attainment of the game objective.
The team behind Colony plans to launch the beta version of the game this year, as stated on the whitepaper. Before the launching of Colony beta trials the studio will prioritize developing the on-chain AI platform Wayfinder that will support the new game.
The studio plans to develop the Wayfinder to support other applications and games created by Parallel. According to the report, the Wayfinder comprises AI-generated omni-chain software that allows users to effortlessly navigate multiple blockchains. The Wayfinder will enable the user to take complete charge of the assets stored in their respective Web3 wallets.
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