Big funding round helps pour $4 million into the coffers.
July 3, 2024
[This unedited press release is made available courtesy of Game Developer and its partnership with notable game PR-related resource Games Press]
Bitmagic :
Bitmagic, a pioneering force in generative AI technology, proudly announces the successful completion of a $4 million seed funding round and the immediate public availability of the Bitmagic platform on Steam Playtest. This milestone underscores Bitmagic’s mission to democratize game development through its innovative text-to-game platform, enabling anyone to create fully playable multiplayer games within seconds simply by typing their desired game scenario.
The funding round was led by Korea Investment Partners (KIP), one of Asia’s leading venture capital firms, with participation from Supercell, Sisu Game Ventures, and a group of notable angel investors, including Zak Phelps, former Senior Director of Product Design on Fortnite Creative who joins Bitmagic as an advisor, and Maarten De Koning, partner at DDM (Digital Development Management), who joins Bitmagic's board of directors.
"We are thrilled to have the support of such esteemed investors and the expertise of industry leaders like Zak Phelps and Maarten De Koning," said Jani Penttinen, Co-Founder and CEO of Bitmagic. "This investment will propel our efforts to make game creation accessible to everyone, unleashing a new wave of creativity in the gaming industry."
Michael K. Lee, Executive Director at Korea Investment Partners, commented, "We are incredibly excited to support Bitmagic. Their innovative approach and advanced use of generative AI techniques position them as a true game changer in the industry. After evaluating competitors globally, we found Bitmagic to be significantly ahead of the curve, and we believe they have the potential to redefine the future of game development and user-generated content creation."
Bitmagic’s groundbreaking platform leverages state-of-the-art generative AI to transform textual descriptions into fully interactive, multiplayer 3D games. This technology eliminates the traditional barriers to game development, empowering users of all skill levels to bring their game ideas to life with unprecedented ease.
In conjunction with the funding announcement, Bitmagic is excited to reveal that their platform is now publicly available for free via Steam Playtest. This launch invites gamers and developers alike to explore and create with Bitmagic’s revolutionary technology.
"We believe that by providing free access to our platform, we can inspire a diverse community of creators and showcase the limitless potential of generative AI in game development. This is an early version and we are still just scratching the surface of what will eventually be possible, but already now you can use Bitmagic to create games only professional game developers could have developed," added Penttinen.
For more information about Bitmagic and to join the Steam Playtest, visit http://www.bitmagic.games.
About Bitmagic:
Bitmagic is a trailblazer in the application of generative AI for game development. The company was founded by a team of industry veterans.
CEO Jani Penttinen and Chairman Samuli Syvähuoko are some of the original “founders” of the game industry of Finland in the early 90s. COO Markus Kiukkonen, former head of EA Finland, brings significant operational and scaling expertise to the team; Markus Hjort, Tech Lead, has over two decades of expertise specializing in building super-scalable software platforms; and Jouni Mannonen, AI Specialist, co-founded Hybrid Graphics, known today as Helsinki office of Nvidia, the market leader in advanced processing solutions for computer graphics and AI.
The Bitmagic team is a unique combination of deep experience in building games, game engines and AI tech. According to industry experts, Bitmagic is seen as a global tech leader, way ahead of competition in building and utilizing generative AI in games.
Headquartered in Helsinki, Finland, with a US office in Austin, Texas, Bitmagic’s platform is the first of its kind, enabling users to generate fully playable 3D games from a single AI prompt. Bitmagic is on a mission to make game creation accessible to everyone. We’re creating a future where millions of people from all backgrounds will make living creating games.
Trailer video:
https://youtu.be/HOvzzw7sf6Q
About Korea Investment Partners:
Korea Investment Partners (KIP) is the VC/PE arm of Korea Investment Holdings, which is one of the largest private financial groups in Korea. KIP currently has $4.3B USD AUM with 60 Funds under management. As the largest VC and one of the most active Korean VCs in the Global market, KIP manages offices in the U.S., Mainland China, and Singapore for its global investments and exposure.
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