81Ravens, a Web3 game studio behind the free-to-play 3v3 arena shooter Paravox, said it has raised $4.5 million in funding.
Digital Hearts Holdings and Gree Ventures led the funding for the Web3 game company. The funding will support the continued development and marketing of Paravox, which will launch on the Solana blockchain. The deal shows there is still life behind Web3 games targeting hardcore gamers.
81Ravens is a Singapore game development company founded in 2020. As a team of experienced game developers, publishers, and league organizers in Japan and Southeast Asia, 81Ravens is working on Paravox, which features a blend of movement, skill mastery, and tactical precision.
Paravox is currently in global open alpha testing and has gained some traction, with over 100,000 downloads on the Epic Games Store following its Private Alpha launch in Japan and Southeast Asia. Currently, the title has over 100,000 registered accounts, which is respectable for a Web3 game.
In addition to the funding round, 81Ravens has selected to deploy on the Solana blockchain. With fast, scalable infrastructure, low friction and extremely low transaction costs, Solana argues it is good for games as it enables real-time gameplay and smooth on-chain integrations.
“81Ravens aims to revolutionize the esports ecosystem by creating a platform that fairly distributes incentives to all contributors, from viewers to competitors and third-party creators,” said Shimpei Yoshimura, CEO of 81Ravens, in a statement. “Our goal is to expand the esports market to 10 trillion yen ($65 billion) by addressing the current imbalance between publishers and communities. While we may appear to be a game studio, our true identity as a platform is our unique insight, enabling us to connect all aspects of esport …