Game developer Maze Theory and Web3 tech company Pluto Digital have officially combined to establish Emergent Entertainment PLC.
The projected valuation of the company is said to be over $65 million and it is currently preparing for a future IPO event.
Founded in 2018 and based out of London, Maze Theory has released VR titles such as Doctor Who: The Edge of Time and Doctor Who: The Lonely Assassins.
Although a subsidiary of Emergent Entertainment, the game developer will continue to focus on developing mixed reality and VR titles only.
The studio's upcoming title Peaky Blinders: The King's Ransom, which is set to launch in 2023, will not be a Web3 game.
The announcement also said that Simon Rutter, former executive vice president of Sony Interactive Entertainment, has also joined as chairman on the board.
"We are excited to bring together AAA game creators and advanced Web3 engineering skills in a way that hasn't yet been seen," said Emergent Entertainment CEO Ian Hambleton.