On its way to establishing Riftstorm and the Decentralised Universal Meta, entertainment company Mythic Protocol has raised $6.5 million in an oversubscribed Seed Round.
The major Web3 fund Shima Capital co-led the investment together with Alpha JWC. Other contributors included Saison Capital, GDV Venture, Planetarium Labs, Arcane Group, Presto Labs, Marblex, Emurgo Ventures, Hyperithm, and a number of angel investors.
Crossing the rift
Mythic Protocol intends to use its newfound funds to finish development on - and launch - Riftstorm, an action-shooter rougelite with cross-play between mobile, console and PC. A share of the funds will also go towards Mythic’s Decentralised Universal Meta (on Blockchain), and to a collaborative set of assets named Legacy.
Mythic was founded by Agate founder Arief Widhiyasa and ex-Agate CMO and CCO Igor Tanzil, who have since expanded the team to more than 130 members globally - veterans from Microsoft, Samsung and Caravan Studio included. The company’s mission is to combine creativity, collaboration and consequence, in order to give investors, creators and consumers unique experiences.
"I believe that the next cycle is coming. This cycle will be driven by distributed computing (blockchain) and artificial intelligence," said Widhiyasa, having observed that the game industry undergoes a new cycle every 25 years "like clockwork". He believes the first cycle was the birth of the industry, and the second was driven by the internet and free-to-play mobile games. Now we stand at the precipice of the third.
"The concept of Collaborative Entertainment represents the realisation of ideals and potential that technology offers. To that end, I envision a system where every contribution is meaningful, attribution is equitable, and consequence drives evolution," added Tanzil. "It really is a shame that so much of this potential has been squandered by frenzied financialisation in these past years."
Shima Capital founder and managing general partner Yida Gao commented: "Shima Capital is thrilled to co-lead Mythic Protocol's seed round. With a founding team that has launched over 250 game titles since 2009 from one of the biggest gaming studios in SEA, we have no doubt that they will carry their track record of success into the next cycle of gaming."
Earlier this week, veterans from Zynga, FunPlus and NetEase received an $8 million investment towards their NFT dinosaur game.