Frostpoint VR: Proving Grounds Publisher Thirdverse Secures $8.5m Investment

Thirdverse Inc., the Japanese virtual reality (VR) developer and publisher which is currently working with inXile Entertainment on Frostpoint VR: Proving Grounds has announced a successful Series A funding round, securing $8.5 million USD towards expanding its VR plans.

Frostpoint VR: Proving Grounds

Led by JAFCO with participation from Presence Capital, Sisu Ventures and Incubate Fund, the round will help continue its videogame development, distribution and management as the company continues its mission to create a “Third Place” in the virtual metaverse.

“I have personally been involved in the VR industry since 2015, while establishing a fund and incubations globally, and have visited more than 20 countries to see how the VR startup scene has emerged. Over the past year, our active user base grew with the increase of device penetration in the global market. I strongly believe that the market is finally ready and this is the right time to grow our startup. We are really excited to release more immersive VR games in the future. VR is now!,” said Masaru “Nogi” Ohnogi, Co-Founder of Thirdverse in a statement.

Thirdverse was only founded this year, having rebranded from Yomuneco Inc. Under that latter name, the studio released multiplatform sword-fighting title Swords of Gargantua which is still receiving updates. The team is currently working on a PlayStation VR version, PvP mode and the Ooparts Labyrinth update.

Frostpoint VR: Proving Grounds

“It’s been 13 years since I first invested in mobile gaming. It’s hard to imagine that not many people fully believed in the potential of mobile gaming yet at that time,” Masahiko Honma, Co-founder and General Partner of Incubate Fund adds. “Now VR gaming is here and not many people have fully believed in its potential yet. As seen in the mobile gaming industry, I believe people’s view on VR will change dramatically soon. I’m super excited to join the vision that Thirdverse has set forth and go on this next adventure with them.”

Currently in open beta, multiplayer shooter Frostpoint VR: Proving Grounds will be the first videogame it’ll solely publish, with a PC VR launch expected before the end of the year. For further updates from Thirdverse Inc., keep reading VRFocus.