Param Labs Secures $7M investment to bolster Web3 gaming infrastructure
Param Labs, a modular gaming ecosystem, has announced the successful completion of a $7 million investment round, with Animoca Brands, a prominent crypto venture capital firm, leading the charge.
Oversubscribed funding round
Joining Hong Kong-headquartered Animoca Brands in this oversubscribed round were Delphi Ventures, Cypher Capital, P2 Ventures (formerly Polygon Ventures), Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures.
Anthony Anderson, CEO of Param Labs and Kiraverse, highlighted the significance of modular gaming ecosystems like Param in laying the groundwork for the next era of Web3 games. In an exchange with Cointelegraph, Anderson stated:
“Unlike most Web3 studios that focus on developing single game titles, modular ecosystems offer a variety of products and components. This allows developers to build their own games from these modules and provides essential tools for other developers to utilize and integrate into their projects.”
The timing of this funding round coincides with significant growth milestones for the Param Gaming Platform, which recently surpassed 300,000 daily active users. Additionally, the platform's X page boasts over 2.5 million followers, underscoring its growing popularity.
Strategic investments from luminaries such as Yat Siu, co-founder of Animoca Labs, and Banks, founder of Face Clan, further underscore the potential of Param Labs, which is based in the United Arab Emirates (UAE), in realizing the vision of an open metaverse. In a statement published to the Animoca Brands website, Yat Siu expressed enthusiasm about the collaboration, stating:
"This collaboration aligns with our shared vision to redefine the gaming landscape, ensuring that gamers are the true owners of their digital assets."
Focusing on infrastructure
This injection of capital is poised to address a critical deficiency in the realm of Web3 gaming: the lack of foundational infrastructure. Addressing precisely that challenge which is hindering mainstream adoption, Anderson emphasized the pivotal role of infrastructure:
“Focusing on infrastructure is crucial, as it not only addresses the challenges in the games we’re developing but also has the potential to be applied to hundreds, if not thousands, of other experiences. This will significantly contribute to the adoption of blockchain gaming.”
The UAE-based company is currently working on producing a number of products. These include its Game Launcher and Pixel to Poly, an offering that converts 2D images into 3D assets within games. While those are in the product pipeline, it has already launched Kiraverse, an online multiplayer game where the gameplay incorporates players competing to earn digital assets.
Param Labs has also sought to broaden the technical expertise available to it, with the hiring of Steve Young, a former head of consumer products at renowned American video gaming firm Activision Blizzard. Young has come in as a strategic advisor at Param.
The company plans to launch its native token, PARAM, shortly to enable governance of the ecosystem that it is putting together.
