Gaming studio wins £500k funding to integrate AI into creative process
A virtual reality gaming company has received investment of £500,000 to ramp up operations using Artificial Intelligence (AI).
Southport-based Fallen Planet Studios has benefited from the fund:AI boost.
Liverpool-based River Capital manages fund:AI.
Fallen Planet specialises in VR gaming and has deep relationships in the major platforms including Sony and Meta, formerly Facebook, where the Fallen Planet games have been in the top 10 all time VR downloaded titles.
The Liverpool City Region is a hotbed for the creative and gaming sector, with a number of mergers and acquisitions in the region including from Sony which has a major presence in Liverpool city centre.
The investment will be used to support the development of new titles where AI is key to the evolving workflow.
Fallen Planet Studios CEO, Alex Moretti, said: “Founded in 2013 with a sole focus on developing for the nascent Virtual Reality industry, the exploration and adoption of new technologies is an integral part of Fallen Planet Studios’ DNA.
“This strategic investment from River Capital will support our commitment to innovation, accelerating the implementation of AI technologies across our game development pipeline by enhancing our proprietary toolsets, whilst enabling us to elevate our gaming experiences by deriving and responding to valuable player insights.”
He added: “We are excited about the possibilities this partnership unlocks and we look forward to delivering exceptional games and services to the global XR community.”
David Walters, fund:AI investment director, said: “We are pleased to support Fallen Planet Studios on the launch of their next gaming titles and to capitalise on the launch of new hardware from Meta and Apple. Both initiatives offer strong growth opportunity for the company.
“The gaming sector has been an early adopter of AI which has made a huge impact on graphical and functionality development. The ability for AI to support game designers and programmers is increasing exponentially, with new tools and applications assisting developers with their workflow.”
River Capital head of venture, Marc d’Abbadie, said: “fund:AI’s investment in Fallen Planet Studios caps a particularly busy period at River Capital including our launch of a new North West Private Equity Fund, our support of the MBO of Barons Contract Furniture and our recent 15x exit of Cerus Endovascular.
“The River Capital team continues to grow with the recruitment of John Gray as our new head of debt and Amer Karim as our new business development manager. We look forward to supporting the Fallen Planet team on their growth journey.”
The deal was supported by Daniel Hayhurst of Brabners and by Will Carlyle of Sheridans who provided legal counsel.