tl;dr
In a significant move for the gaming industry, Paris-based game developer Parallel Studios has raised $35 million in a seed funding round led by prominent crypto firms and angel investors, surpassing its 2021 valuation. The studio is actively working on launching new games, including GG’s 2023 and t...
In a significant move for the gaming industry, Paris-based game developer Parallel Studios has raised $35 million in a seed funding round led by prominent crypto firms and angel investors, surpassing its 2021 valuation. The studio is actively working on launching new games, including GG’s 2023 and the upcoming Colony game on the Solana network. With plans to expand user engagement through the Parallel Ambassador Program and across various gaming platforms, the studio is also gearing up to launch the beta version of Colony and develop the on-chain AI platform Wayfinder, signaling a period of dynamic growth and innovation.
Parallel Studio Raises $35 Million in Funding Round
In an official communication, the Paris-based game developer Parallel Studios yielded $35 million in a seed funding round. The successful fundraising was led by renowned crypto firms backed by angel investors. In a blog post, the Parallel Studios team confirmed that VanEck led the fundraising in collaboration with Solana Ventures and Base Ecosystem Fund. Other participants in the funding round included Collab Currency and the Spartan Group.
According to the announcement, key industry makers, including the founder of Solana Anatoly Yakovenko, Pudgy Penguins boss Luca Netz, and Raj Gokal, actively participated in the funding round. The multimillion fundraising propels the Parallel Studio valuation higher than the $500 million firm value in 2021. In the previous fundraising, the Parallel team raised $50 million, which was used to support the studio’s core business. Upon contacting Parallel to inquire more about the funding round, the studio failed to disclose more information on how the funds would be used.
Parallel Studio Seeks to Develop New Game
The ongoing projects aim at onboarding more users to the Parallel Ambassador Program. The studio will engage influencers to promote the program to a larger audience. In the coming months, the Parallel team will launch Epic Games and Steam and a new in-game Planetfall expansion. Parallel games under development will be available in mobile applications after the official release.
The representative confirmed an increase in active users on the Parallel website. The surge in the number of daily visits on the Parallel platform motivates the studio to proceed with the ongoing projects. The Parallel new AI-oriented game Colony faced tides of criticism, which forced the team to draft an extensive whitepaper outlining the features of the new game, such as survival simulation, among others. The studio confirmed that the Colony will be positioned on the Solana network.
Feature of Colony Game
The pre-alpha version of Colony has already been experimented. The developers plan to integrate additional gaming features on Colony that will offer the players an impressive experience. The studio was pleased to state that the development of Colony was progressing well, and the company plans to hire new talent to support the attainment of the game objective. The team behind Colony plans to launch the beta version of the game this year, as stated on the whitepaper. Before the launching of Colony beta trials the studio will prioritize developing the on-chain AI platform Wayfinder that will support the new game. The Wayfinder comprises AI-generated omni-chain software that allows users to effortlessly navigate multiple blockchains.
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