South Korean gaming company, Krafton, popular for games such as PUB-G, has confirmed that it has acquired Tokyo-based game studio Tango Gameworks for an undisclosed sum. The company said it will absorb Tango Gameworks' developers and will retain the rights to its rhythm-action combat game Hi-Fi RUSH, reports Yonhap news agency.
"This integration reinforces Krafton's dedication to expanding its global footprint and enhancing its portfolio with innovative and high-quality content," the company said in a statement.
Tango Gameworks was found in 2010 and has developed a series of hit games, inclduing Hi-Fi RUSH, and the survival horror game series The Evil Within. Microsoft , which owns Xbox Game Studios, took over the Japanese company in 2021 but decided to shut it down in May. Tango also developed the action-adventure game Ghostwire: Tokyo.
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Krafton India Announces Its Expansion
Tango’s parent firm Zenimax Media was taken over by Microsoft for $7.5 billion in March 2021, making Tango the first Japanese studio in Microsoft Gaming’s development portfolio. Microsoft later shut down the studio. Through the acquisition, Tango became the Xbox-maker’s first development studio based in Japan.
Meanwhile, BGMI developer Krafton India in May announced the expansion of the first cohot of their gaming incubator (KIGI). The company selected two game developers as part of the first cohort.
The gaming company launched the initiative in October 2023 with an aim to offer a unique opportunity for talented indian game developers to receive mentorship, resources, and support to transform their ideas into successful gaming ventures.
The programme offers significant financial support to cover early development costs, enabling teams to focus on creating and refining their games. This financial support ranges from USD 50,000 to USD 150,000, with potential adjustments based on specific project requirements. Exceptional teams could receive up to USD 250,000 in support, the company said.
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MPL-Backed Mayhem Studios Gets Funding From Lumikai
Mayhem Studios, the mobile gaming studio backed by skill-gaming company Mobile Premier League (MPL), has managed to get undisclosed funding from Lumikai, a gaming, and interactive media-focused venture fund, signaling growing investor interest in local gaming studios.
It will use the funds to ramp up its operations, accelerate game development, expand its team of developers, and enhance its technological capabilities, the startup said on July 26. Mayhem Studios earlier raised about $20 million from investors such as Peak XV Partners (formerly Sequoia India), Steadview Capital, Truecaller, and Hased Emergent in 2023.
MPL rolled out Mayhem Studios in May 2022 to develop AAA mobile games for domestic and global markets. AAA games are usually big-update titles known for their high production value, detailed storylines, and complex gameplay.