Seattle-based publisher and developer Reaxion has raised USD2 million in investment financing through mobile specialists i-Hatch Ventures.
Founded in 2001, Reaxion develops and publishes 2D, 3D and multiplayer mobile games for CDMA and GSM wireless carriers. With access to a subscriber base of more than 160 million worldwide, Reaxion claims that its growth potential and success to date attracted strong interest from a number of sources.
A USD100 million early stage venture fund which specialises in the mobile data services industry, i-Hatch Ventures was formed early in 1999 and has already helped a number of companies establish themselves in the wireless gaming market; a segment which is predicted to reach USD1.5 billion by 2008.
As well as original titles like Mahjong Deluxe and the award winning Mini Golf 2, Reaxion continues to publish licensed products from numerous key entertainment companies including Nickelodeon (Bleeposaurus), Paramount (The Longest Yard) and Warner Music Group. The strength and diversity of these titles appealed to i-Hatch immensely.
"The company's deep portfolio of award winning titles and its strong carrier relationships made Reaxion a solid investment opportunity", said Brad Farkas, General Partner of i-Hatch Ventures.
Utilising the new finance to strengthen development of both original IP and licensed products, in addition to securing more extensive global publishing deals for their portfolio is hoped to lead to an enormous growth in output from the Reaxion.
Commenting on this expansion, president and CEO Misha Lyalin said "Reaxion is on track to quadruple our game catalogue in the next year".
Reaxion's rapidly expanding portfolio includes a number of technology assets including Gamarama, an integrated multiplayer host which enables developers to include multiplayer support and global rankings for wireless games.