UAE-Based Param Labs Secures US$7 Million In A Funding Round Led By Animoca Brands, With Support From Delphi Ventures, Mechanism Capital, And Others Strategic investments were made by Animoca Brands co-founder Yat Siu and FaZe Clan co-founder Richard "FaZe Banks" Bengtson as well.
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Param Labs, the UAE-incorporated independent game and infrastructure development company behind the game Kiraverse as well as 3D asset creation platform Pixel to Poly, has raised US$7 million in what has been described as a "significantly oversubscribed" investment round.
The fundraise consisted of seed and private financing rounds led by crypto venture capital firm Animoca Brands, with support from investment firms like Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, MH Ventures, and other top-tier investors.
Strategic investments were made by Animoca Brands co-founder Yat Siu and FaZe Clan co-founder Richard "FaZe Banks" Bengtson as well.
In a statement, Anthony Anderson, founder and CEO of Param Labs, said, "We're incredibly grateful for the recent funding secured, as it marks a crucial step toward realizing Param Labs' long-term vision, which we've relentlessly executed on. The ecosystem we're developing aims to revolutionize the gaming industry by providing true value to users, and empowering developers with the necessary tools to create next-gen gaming experiences. This investment accelerates our efforts to disrupt traditional gaming, and integrate emerging technologies in games, ultimately enhancing value creation for both gamers and developers."
Siu, Executive Chairman of Animoca Brands, added, "We're excited to partner with Param Labs to advance digital property rights in gaming, bringing us a step closer to realizing the vision of the truly open metaverse. This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets. Together, we're working to transform the industry, emphasizing the value of gamer experiences and ownership."
Piers Kicks, Founding Partner at Delphi Ventures, said, "Param Labs has the potential to be a true leader in developing innovative gaming experiences while onboarding traditional users into Web3. One of their early ecosystem services -Pixel to Poly- is already gaining significant traction. We're excited to monitor the rollout of other unique features such as match wagering later this year in their first shooter title Kiraverse."
Karan Gandhi, Investment Director at Cypher Capital Group, said, "Param Labs' dedication to revolutionizing Web3 gaming resonates with our industry vision. Backed by a stellar team, their commitment to innovation shines through in products like Pixel to Poly and the highly anticipated game, Kiraverse. We're excited to support Param Labs as they redefine the gaming landscape."
Related: Web3 Gaming Company Param Labs' Marketing Campaign Garners Over One Million Users
Image courtesy Param Labs.
The investment in Param Labs follows the growth the company has seen on its ecosystem, with it recently crossing over 2,500,000 Twitter followers across all its pages, 500,000 discord users, and even 300,000 daily active users on the Param Gaming Platform, one of the many milestones it has achieved in the last 24 months.
Param Labs has already shipped three products into beta over the past year, their first game, Kiraverse, the Param Labs Game Launcher, and Pixel to Poly, receiving extremely positive feedback from users across the globe.
Param Labs has also said that it has generated over $4 million in revenue over the past 18 months from Kiraverse skins sales, and revenue from its flagship Pixel-to-Poly service, a unique service that converts 2D images into 3D game-ready avatars seamlessly for users
Through this service, Param Labs has incorporated multiple web3 personalities such as Robbie Ferguson, the co-founder of ImmutableX, within its Kiraverse game. The company has also incorporated over 50 intellectual property partnerships within its ecosystem, with brands such as Pudgy Penguins, Neo Tokyo, Animoca Brands' Mocaverse, Pixelmon, as well as retail giants such as GameStop and more.
Beyond Pixel-to-Poly and its Kiraverse game, the company aims to host a series of infrastructure including its own ZK EVM compatible layer 2/layer 3 blockchain, built on Ethereum.
Param Labs, which is soon to launch its native $PARAM token, boasts of a team with several years of experience with multiple successful exits, generating more than $40 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) revenue, and working with brands like Activision, Epic Games, EA, Ubisoft and more.
Param Labs also recently announced Steve Young, the former Consumer Products President at ex-Activision Blizzard, joining as a strategic advisor, which would help it receive constructive insight from an experienced veteran in traditional gaming markets.
The company also announced major esports organizations such as LoudGG and Chronic as part of its web2 distribution channels, and it has recruited top gamers from organizations including FaZe Clan, Optic Gaming, and more.
