- The virtual reality game developer behind “Swords of Gargantua,” has raised $8.5 million in Series A funding.
- The round was led by JAFCO, with participation from Presence Capital, Sisu Ventures, and Incubate Fund.
- They relaunched as Thirdverse in June to align with its corporate mission of creating a “Third Place inside the Metaverse,”
Japanese virtual reality studio Thirdverse raised $8.5 million in a Series A funding round led by venture capitalist firm JAFCO, alongside Incubate Fund, Presence Capital, and Sisu Ventures.
Thirdverse was previously known under the name Yomuneco, but rebranded recently. It released its debut title, multiplayer sword-fighting title Swords of Gargantua in 2019.
Thirdverse is currently working as publisher for inXile Entertainment’s upcoming game, Frostpoint VR: Proving Grounds. The game is due to launch later this year on Oculus, HTC Vive, and Valve Index. The title is currently in open beta and will be inXile’s last non-Microsoft project, since the developer has been acquired.
How did Thirdverse raise $8.5 million in funding?
The concept has taken on new relevancy, as COVID-19 related stay-at-home orders prompted organizations to function online. Users have also spent more time playing online games during the pandemic. These titles have a social element like “Animal Crossing: New Horizons,” proving especially popular.
Thirdverse worked on the multiplayer sword-fighting VR game Swords of Gargantua, which came out in 2019. JAFCO lead the investment round, with Presence Capital, Sisu Ventures, and Incubate Fund also investing.
Thirdverse is currently preparing to release other virtual reality games, including “Frostpoint VR: Proving Grounds,” a multiplayer shooter game that will be available later this year for Oculus Rift, HTC Vive VR and Valve Index headsets. In a statement, Sisu Ventures and Presence Capital founding partner Paul Bragiel said, “In the rapidly growing VR gaming landscape, Thirdverse stands out as having strong leadership, deep relationships and a big vision to become the category leader in this market.”
What is Thirdverse’s Aim?
Thirdverse plans on combining VR games with blockchain technology in order to create a new virtual world. They call this the “Thirdverse Plan”. This three-phased vision is designed to drive an era of “virtual firsts” where online communication is the norm and create a future where people can live freely.
The new name Thirdverse, Inc. reflects this desire to “create a third place in the virtual world (also known as the metaverse)”. Lately, people can spend their time in a way that is different from their daily surroundings. The goal is to make VR games more than just a game, and to create a “new virtual world inhabited by many people” by adding an economic sphere to it.
Getting online to communicate with other people and get together with friends in games is becoming common. This virtual-first trend is a great tailwind for the VR industry and the “Thirdverse Plan”. The “Thirdverse Plan” is envisioned in three phases for the next ten years. The first stage of the project is to create a platform for many people to spend time in the VR space, which is targeted to be completed in 2022.
