July 14, 2021 – Resolution Games, a Virtual Reality (VR) games studio known for titles including Demeo, Blaston, Cook-Out: A Sandwich Tale and others, has today announced it has closed a Series C funding round of USD $25 million, bringing the company’s total funding to USD $38.5 million.
The round was co-led by Qualcomm Ventures LLC and BITKRAFT Ventures, followed by Knutsson Holdings AB. Prior investors who also took part in the round included GV, MizMaa, GP Bullhound, Partech, Creandum, Initial Capital, Bonnier Ventures and Sisu Game Ventures.
“Six years ago, Resolution Games was one of the first studios focused on VR and AR [Augmented Reality]. We’ve learned a lot, worked in a time with limited technology, survived a small market, and have continued to think big-picture and long-term,” said Tommy Palm, CEO of Resolution Games. “We see vast potential in VR and that the market is maturing. We want to up the game and standard for quality to ensure VR users have the best possible experience, and that VR games not just meet – but surpass – the potential from what we’ve seen on other platforms like PC and console.”
Resolution Games stated that it has seen a desire from communities for live games. As a result, the studio plans to dedicate more resources to ongoing development of existing titles as well as delivering additional live games. According to the company, which already has more than 100 employees internationally, the latest infusion of capital will allow Resolution Games to accelerate growth as the industry model shifts toward games as a service (GaaS), which requires larger teams to support games post-launch with live-ops teams.
Resolution Games also announced today that Boaz Peer, Senior Investment Director at Qualcomm Ventures Europe and Israel at Qualcomm Israel Ltd., will join the studio’s board of directors, and Malte Barth, founding general partner of BITKRAFT Ventures, will be a board observer.
“The VR market is growing at an accelerated pace, and we expect this trend to continue in the next few years,” said Peer. “Resolution Games has demonstrated it can create world class IP, compelling immersive experiences and has shown great leadership across the market. We are excited to invest in Resolution Games to support the growth of superior mobile VR and AR experiences.”
Barth added: “From spearheading super-close, slow-speed dueling in VR to giving gamers a lifelike tabletop dungeon crawler experience in VR, Resolution Games has developed groundbreaking games both in terms of genres and gameplay. The company’s vision around VR multiplayer casual and competitive gameplay is truly groundbreaking, and we are excited to work with Tommy and his seasoned team to support the next level of growth as the studio continues to bring highly immersive and engaging VR and AR experiences to the world.”
The studio’s funding announcement comes on the heels of the launch of its RPG dungeon crawler VR game, Demeo, which has already surpassed the multi-million dollar mark in revenue. To learn more about Resolution Games, visit the company’s website.
Image credit: Resolution Games
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.