May 16, 2024
Param Laboratory announced it has secured $7 million in its most recent funding round, led by Animoca Brands. Other contributors include Delphi Ventures, Cypher Capital, P2 Ventures, Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures. The funding is set to further develop Param's modular gaming ecosystem, which is built around the Param token, and aimed at reshaping how games are created and played.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Param Labs Inc | May 16, 2024 | $7M | Seed | $7M | Animoca Brands | Gaming |
The company is actively developing several innovative products, including its Game Launcher and a new service called Pixel to Poly, which converts 2D images into 3D assets for games. Additionally, Param Labs recently launched Kiraverse, an online multiplayer game where players can compete and earn digital assets. In a strategic move to bolster its market position, Param Labs has also brought on board Steve Young, a former executive at Activision Blizzard, as a strategic advisor.
Anthony Anderson, the founder and CEO of Param Labs, expressed his enthusiasm about the project's potential and advised that Param Labs is building an ecosystem which they believe will alter the gaming industry. With these new resources, Param Labs aim to challenge the traditional ways of game development and introduce technologies that add real value for both players and developers.
Yat Siu, co-founder and executive chairman of Animoca Brands, also commented on the partnership, highlighting its potential to change how digital property rights are managed in gaming. This effort moves towards a more open metaverse where players truly own their digital items, enhancing the overall quality and engagement in gaming experiences.
About Param Labs Inc:
Param Labs Inc is a development studio dedicated to building a comprehensive Web3 gaming ecosystem. Their focus is on crafting an interconnected suite of games and supporting infrastructure that allows for a seamless, integrated gaming experience. This modular approach enables a flexible and dynamic environment where developers can innovate and gamers can enjoy diverse, engaging content.
Website: https://www.paramlabs.io/
X Account: @ParamLaboratory
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About Investor
Investor: Animoca Brands
Description: Animoca Brands, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 400 Web3 investments, both directly and through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and many more.
Location: Hong Kong
Website: https://www.animocabrands.com/
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