The largest VC cash injection for any virtual reality games developer has been pumped into Swedish studio Resolution Games.
Google Ventures led the round, which marks the firm’s first investment in a Swedish company since it expanded into Europe.
The money will be used to grow Resolution Games’ development team.
Venture into virtual reality
Building off mobile gaming’s old adage of “innovate fast, fail quickly,” Resolution Games will invest in speedy production that enables the company to quickly gain knowledge, discover successful titles, and experiment with emerging trends within the nascent VR market.
“As we learned with the mobile games market, perseverance is critical for building a successful company in an emerging market.” said Palm.
Joe Kraus, general partner at Google Ventures, added: “The pace of development in VR will be very high over the next five years, with mobile VR at the forefront because anyone with a smartphone has the core of a VR experience already in their pocket.
"Tommy and his team have a proven track record of game development and successful entrepreneurship, and we’re excited about what Resolution Games is going to do.”
Resolution Games has already doubled its staff, and plans to keep hiring Swedish industry talent in what Palm firmly believes is a solid growth strategy.
“Resolution Games will be around for years to come and will be able to focus on making the correct strategic choices to help the VR Games market grow into its potential," he said.