A team of industry veterans has garnered $37.5 million in a round of Series A funding to launch its new studio, Theorycraft Games.
Founded by developers from studios like Blizzard, Bungie, Riot, and Valve, Theorycraft Games will be using the influx of funds to recruit talent and develop its first project, a community-driven PvP game available on multiple platforms.
Theorycraft's CEO is Joe Tung, a previous executive vice president of the League of Legends franchise at Riot Games, while former Valorant and Overwatch tech lead Michael Evans will serve as chief technical officer and former Bungie creative director Mike Tipul will be chief creative officer. Valorant art director Moby Francke will take the art director role, and Riot veteran Areeb Pirani will be chief operating officer.
The $37.5 million funding round was led by NetEase, and also included investment from NEA, Bitkraft Ventures, Griffin Gaming Partners, and SISU Game Ventures.
"We feel pretty damn fortunate -- not only to have gotten off to such a great start to the studio -- but to have found a group of such like-minded partners who believe like we do that games serve fundamental human needs," said Tung, "who support our goal of getting the game in players' hands quickly and developing the game with them; and most importantly, who understand that we are in this for the long-term."