Summary:
Pany Haritatos raised $28 million for Series Entertainment from major investors.
Series aims to revolutionize game development using Generative AI and Large Language Models.
The Rho Engine is touted as the first AI-native game creation platform.
Series has grown from 17 to over 100 employees in less than a year.
The company is valued at $190 million post-Series A funding.
Pany Haritatos Secures $28M for Series Entertainment
It’s been quite the year for gaming industry exec Pany Haritatos. Last month, he quietly closed an oversubscribed $28 million Series A for his new game studio startup Series Entertainment, backed by major investors like Netflix, Dell Technologies Capital, and Andreessen Horowitz.
A Rapid Rise in the Gaming Industry
After launching just a year ago with a $7.9 million seed round, Series has already made waves in the industry. Notably, they acquired Pixelberry, known for its interactive fiction game Choices: Stories You Play, in July.
Revolutionizing Game Development with GenAI
Series, also known as Series AI, aims to create video games using Large Language Models (LLMs) and Generative AI. With the development of the Rho Engine, Series is set to empower game developers to build games more efficiently than ever.
The Role of AI in Gaming
AI is transforming the gaming landscape by allowing developers to focus on creativity rather than tedious design tasks. With AI, characters can become fully developed, and players may enjoy vast customization options, enhancing interactivity.
Rho: The First AI-Native Game Creation Platform
Series claims that Rho is the first AI-native, multimodal full-stack game creation platform, handling both visuals and audio. While competitors like Modi.ai and Unity’s Muse Chat exist, Rho positions itself uniquely for comprehensive game development.
Investor Confidence
Investors from a16z, including Joshua Lu and Andrew Chen, have expressed enthusiasm about Series’ potential to reinvent game development. Haritatos' extensive experience in the gaming sector, including his previous successes with Zynga and Kongregate, has bolstered investor confidence.
Rapid Growth and Future Prospects
Series has expanded from 17 employees at the start of 2024 to over 100 now, attracting talent from top companies like Zynga and Google. Haritatos stated, “We are thrilled that we raised a very successful $28 million Series A during a tough year for funding.”
With a $190 million post-money valuation, Series is poised for a bright future in the gaming industry, leveraging AI to redefine what is possible in game development.
Comments