Fortnite developer Epic raises $2 bn to build for metaverse

by IANS |

New Delhi, April 12 (IANS) Epic, the developer of popular game Fortnite, has announced a $2 billion round of funding from Sony and KIRKBI, the family-owned investment company which founded the Lego Group.

The funds will be used to boost Epic's dream to build the metaverse. Sony and KIRKBI invested $1 billion, respectively, in Epic.

"This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive," said Tim Sweeney, CEO and Founder, Epic Games.

Epic's post-money equity valuation is now $31.5 billion.

Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation, said that Epic's expertise, including their powerful game engine, combined with Sony's technologies, "will accelerate our various efforts such as the development of new digital fan experiences in sports and our virtual production initiatives."

Epic Games is known for building playful and creative experiences and empowering creators large and small.

"A proportion of our investments is focused on trends we believe will impact the future world that we and our children will live in," said Soren Thorup Sorensen, CEO, KIRKBI.

The closing of the investment is subject to customary closing conditions, including regulatory approvals, said the company.

Sony recently made a huge push into the metaverse when it acquired Destiny developer Bungie this year.

Latest News
UN holds high-level forum to step up action on Sustainable Development Goals Wed, Jul 06, 2022, 11:52 AM
Amit Shah to chair North Zonal Council meeting in Jaipur on July 9 Wed, Jul 06, 2022, 11:51 AM
Canadian wheat area rises to highest level in decade Wed, Jul 06, 2022, 11:50 AM
'Approaches different, lost confidence': Sunak, Javid quit Boris Johnson govt Wed, Jul 06, 2022, 11:49 AM
Former student leader on detention centre hunger strike in China Wed, Jul 06, 2022, 11:46 AM
US at risk of losing control of monkeypox outbreak Wed, Jul 06, 2022, 11:42 AM
Karnataka PSI recruitment scam: CID submits charge sheet; arrested ADGP in denial mode Wed, Jul 06, 2022, 11:40 AM
Ayodhya seer warns of action against 'Kaali' filmmaker Wed, Jul 06, 2022, 11:37 AM
England made India forget how to play the third innings, indicates Stokes Wed, Jul 06, 2022, 11:36 AM
'Embarrassing' and 'pathetic': Kohli slammed on social media for his on-field celebrations Wed, Jul 06, 2022, 11:35 AM
Two terrorists surrender during encounter at Kulgam Wed, Jul 06, 2022, 11:34 AM
Amarnath Yatra to remain suspended today Wed, Jul 06, 2022, 11:33 AM
Karnataka CM tells officials to gear up for effective implementation of R&D policy Wed, Jul 06, 2022, 11:32 AM
Father-daughter duo create history, fly Hawk-132 aircraft in same formation Wed, Jul 06, 2022, 11:32 AM
CBI lodges cases for causing loss to Lakshadweep Khadi and Village Industries Board Wed, Jul 06, 2022, 11:30 AM