VR gaming studio Alta closed a $12.4 million seed round, valuing the startup at $62 million. The studio develops an open-world RPG called A Township Tale. The title had topped the Oculus sales charts for over seven weeks during the past year.
The company currently has 500,000 users and plans to use the funds and even raise more to hire more people to expand the team.
The studio deploys a technique called procedural generation, enabling it to amalgamate algorithmic and human-generated content on a large scale.
Nevertheless, this is not the first VR content developer to raise millions in funding based on the growing popularity and success of the metaverse.
Meta had acquired the maker of the popular VR fitness app Supernatural, Within, for reportedly $400+ million recently.
The tech and social media giant also took over Beat Studios, the maker of another popular VR fitness app called BeatSaber, for an undisclosed sum in 2019 and several other mixed-reality companies.
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