Immutable Raises $200M to Invest in Blockchain Gaming
Immutable has raised $200 million in a Series C funding round led by Singaporean state-owned investment firm Temasek, with Animoca Brands and Tencent also participating.
Immutable's valuation has been lifted to $2.5 billion with additional funding from ParaFi Capital, Princeville Capital, and Arrington Capital, as well as current investors King River Capital, Prosus Ventures, AirTree Ventures, Declaration Partners, and others.
The funds will be used to further develop Immutable X, a layer-2 scaling solution for nonfungible tokens (NFTs) on the Ethereum network, as well as to expand Immutable Gaming Studio, which includes its flagship video games Gods Unchained and Guild of Guardians. Immutable X employs StarkWare's StarkEx zero-knowledge proof technology to achieve Ethereum scalability while charging game developers no gas fees and operating in a carbon-neutral environment.
Immutable's co-founder and president, Robbie Ferguson, tweeted that the future of gaming is dependent on NFT economies, and that Immutable wants to lead the way in NFT adoption.
Ferguson further stated that the digital future will require open order books rather than siloed liquidity, as well as "genuine" decentralization on Ethereum and consumer-focused NFT projects.
Immutable's plans for "rapid global expansion," according to the company, include the hiring of four new executives: Justin Hulog, former Riot Games general manager, as chief studio officer; Gill Findlay, an AirTree ventures partner, as chief operating officer; John Boris, former CEO of IfOnly, as chief growth officer; and Katherine Rau as chief people officer. Immutable also plans to add 200 new employees to its 165-person team globally this year.
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