Ubitus today announced that it has completed a strategic round of financing led by Tencent and other gaming firms including Square Enix, Sony Innovation Fund by IGV, and Actox.
The terms of the deal were not disclosed in the announcement post by Ubitos but according to a person familiar with the matter told Bloomberg, the investors put in about $45 million at a valuation of less than $400 million.
Wesley Juo, CEO of Ubitus, said that “We are very excited to have some of the most important players in the game industry as our strategic shareholders. Their investments represent a vote of confidence in our technology, our achievements, and our potential role in the rapidly growing cloud game market.
“With our innovative technology and their resources, we shall help more partners roll out cloud game contents and services, and accelerate the industry’s transformation to the cloud.”
Launched in 2007 in Taiwan, in 2013, Ubitus raised $15 million in a funding round led by Samsung. Post investment, the company plans to further advance the cloud game technology, grow their cloud game business, and find new game associated applications.
“Cloud game technology that can maximize the benefits of 5G network and Mobile Edge Computing (MEC), which shall be essential and ubiquitous in the near future, is under development. Automation of game virtualization to the cloud, making it as simple as uploading a video, should enlist nearly all game developers to deposit their contents to the cloud for distribution. Supporting AR/VR, which is emerging in games and entertainments, is on Ubitus’ roadmap. With all these building blocks in place, Ubitus’ long-term ambition is to create largest Global Cloud Gaming SaaS platform.”