Neon Machine Raises $20M in a Series A Round Led by Polychain Capital – NFTgators

Quick take:

• Sharpnel developer Neon Machine has secured $20 million in a Series A round led by Polychain Capital.
• The fundraising also attracted participation from Griffin Gaming Partners, Brevan Howard Digital, Franklin Templeton, IOSG Ventures and Tess Ventures.
• Paid subscribers can access Shrapnel from December with the free-to-play version planned sometime next year.

Neon Machine has announced a $20 million funding round led by Polychain Capital. The Series A round also attracted participation from Griffin Gaming Partners, Brevan Howard Digital, Franklin Templeton, IOSG Ventures and Tess Ventures.

The company plans to use the fresh capital to accelerate the launch of its blockchain-based AAA first-person shooter game Shrapnel. 

This fundraising comes at a time when funding for Web3 startups is in decline. DappRadar recently reported that Web3 gaming has been one of the promising segments in the industry, with $600 million raised during the third quarter of 2023, to bring the total funding for the category this year to $2.3 billion. 

In 2021, Neon raised $10.5 million in seed round led by Griffin Gaming with participation from Polychain Capital and Forte. 

Speaking to GamesBeat, Shrapnel CEO Mark Long expressed his excitement saying he feels fortunate securing the funds during challenging market conditions. “I’ve had a couple of colleagues who have not been able to raise their next round, or they’ve had to make a significant change in their valuation,” said Long. “But we’re very fortunate. We benefit from the perception that we’re one of the top projects” in Web3 gaming.

According to Long, Shrapnel is an extraction shooter game based on an area of Earth known as the Sacrifice Zone. Nations and corporations form mercenary extraction forces, which then battle for control over the Sacrifice Zone and its secrets.

The game’s cinematic trailer was created using Epic Games’ Unreal Engine 5, ensuring prospective players get a glimpse of the gameplay in photo-realistic graphics. 

Commenting on his company’s leading role in the round, Josh Rosenthal, Partner at Polychain Capital, said in a statement, “It’s exciting to witness the team at Shrapnel continue to propel forward towards gameplay while pushing the boundaries of player experience and ownership through blockchain technology. The team has consistently delivered high-quality video and community assets since the seed round, which has fostered a significant pre-launch community that is buzzing to get their hands on the game.”

Although Shrapnel is not playable yet, the game has already gained popularity in the industry. Paid subscribers can gain access from December 2023, with a free-to-play version planned for launch sometime in 2024.

Shrapnel is not the only development nearing launch, Neon Machine also plans to launch the Shrapnel Marketplace, where in-game items will be available for purchase and trade. There are also plans to add more tools and features, enabling players to build skins, maps, and other in-game items.

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• Source: https://www.nftgators.com/neon-machine-raises-20m-in-a-series-a-round-led-by-polychain-capital/