Binance Labs announces a $15 million investment in a Web3 gaming platform to expand its game development capabilities in the AI and Web3 domains.
Xterio is a Web3 gaming platform and publisher based in Switzerland. The founding management team brings extensive experience from technology, Web2 gaming, and entertainment companies such as FunPlus, Ubisoft, Krafton, Jam City, and NetEase. Their vision is to bridge the gap between free games and on-chain games through innovative AI toolkits and a diverse range of in-house and third-party game suites.
In August 2022, Xterio announced the completion of a $40 million Series A funding round. The funding was led by video game developer FunPlus, venture capital firm Makers Fund, FTX Ventures, and blockchain gaming platform XPLA. Other participants in the funding round included Animoca Brands, HashKey, Foresight Ventures, Infinity Ventures Crypto, and Matrix Partners. Following the investment, Xterio reached a post-money valuation of $300 million.
Binance has not disclosed the specific funding round for this investment. It is possible that Xterio pursued this funding round due to being unable to receive the remaining investment from the A-round as a result of FTX's bankruptcy.
Currently, Xterio is developing an AI toolkit that generates stylistically consistent, high-quality 2D and 3D assets. Additionally, it offers an “AI Emotional Engine.” All content partners within the Xterio ecosystem will have access to this technology.