Param Labs, an independent game and infrastructure development company behind the game Kiraverse and 3D asset creation platform Pixel to Poly, has raised $7 million in a significantly oversubscribed investment round.
Param Labs is developing a modular gaming ecosystem governed by the $PARAM token, consisting of multiple games and IPs. The company aims to unlock the full potential of gaming. In this article, we will cover everything you need to know about the funding round, their flagship game Kiraverse, and what the team plans to do with the fresh capital.
Kiraverse Web3 Game Logo
New $7 million in funding
The fundraise consisted of seed and private financing rounds led by crypto venture capital firm Animoca Brands. Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, and MH Ventures also participated.
Animoca Brands co-founder Yat Siu and Faze Clan founder Banks made strategic investments. Yat Siu commented:
"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."
Param Labs Raises $7 Million in Funding for Kiraverse
Over 2.5 million followers
The investment comes as the company's ecosystem has grown rapidly, recently crossing over 2,500,000 Twitter followers across all their pages, 500,000 Discord users, and 300,000 daily active users on the Param Gaming Platform. These are among the many milestones the company has hit 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. All three have received positive feedback from users globally. Anthony Anderson, founder and CEO of Param Labs and Kiraverse, stated:
"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. 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."
Kiraverse Design Art: Sunset
Over 18 months, $4 million in revenue
Param Labs, incorporated in the United Arab Emirates, has generated over $4 million in revenue over the past 18 months from Kiraverse skin sales and revenue from its flagship Pixel-to-Poly service. Pixel-to-Poly converts 2D images into 3D game-ready avatars for users. Piers Kicks, Founding Partner at Delphi Ventures, commented:
"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."
Kiraverse Design Art: Character in Action
Top tier partners and IPs
Through Pixel-to-Poly, Param Labs has incorporated multiple web3 personalities such as Immutable X co-founder Robbie Ferguson within its Kiraverse game. The company has incorporated 50+ IP partnerships within its ecosystem, with brands such as Pudgy Penguins, Neo Tokyo, Animoca Brands' Mocaverse, and Pixelmon, as well as retail giants such as GameStop.
Beyond Pixel-to-Poly and its Kiraverse game, the company aims to host a series of infrastructure tools including its own ZK EVM-compatible layer 2 / layer 3 blockchain, built on Ethereum. Karan Gandhi, Investment Director at Cypher Capital Group, added:
"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."
Kiraverse Design Art: Character in Action 2
Strategic advisors
Param Labs recently announced that ex-Activision Blizzard consumer products president Steve Young joined the team as a strategic advisor to help them receive insight from an experienced veteran in traditional gaming markets.
The company also announced major eSports organizations such as LoudGG and Chronic as part of their web2 distribution channels and has recruited top gamers from organizations including FaZe Clan, Optic Gaming, and more.
Param Labs, soon to launch its native $PARAM token, has a team with several years of experience and multiple successful exits, generating more than $40 million in EBITDA revenue working with brands like Activision, Epic Games, EA, Ubisoft, and more.
