Cypriot video game studio Eschatology Entertainment has raised $11.3 million in funding to develop an upcoming Souls-style shooter.
The investment round was led by PUBG maker Krafton, which made headlines earlier this week after purchase Race for high fidelity Developer Tango Gameworks.
The Korean company was joined by other investors, including GEM Capital and The Games Fund, both of which co-led a $4 million investment in Eschatology when it went public in 2022.
Eschatology is currently a 65-person studio that operates remotely. Its development team includes veterans from Valve, Wargaming, 4A Games, Bluehole Studio, and more.
The company is launching its debut project as a AAA narrative first-person shooter set in an apocalyptic Wild West. The unnamed title is currently in active production with one vertical slice finished. Eschatology says the latest cash injection will ensure a “timely release” while also allowing it to establish a publishing team.
Studio co-founder Fuad Kuliev said the deal represents more than just a “financial investment.”
A “Collaborative Journey” for Eschatology and Krafton
“This is a collaborative journey that allows us to fully immerse ourselves in creating a world rich in atmosphere, history and challenging challenges. With the support of our new partner, Krafton, and continued teamwork with old friends GEM Capital and The Games Fund, we now have all the resources we need to bring our ambitious vision to life,” said Kuliev.
“It's not just an opportunity to finish a unique and strong product. It's important for us to tell this incredible story across multiple games, opening with an apocalyptic alternative Wild West setting.”
Maria Park, vice president and head of corporate development at Krafton, said the company is thrilled to support the studio and its “innovative ideas.”
“This is the core of Krafton’s ‘Scale-Up-the Creative’ strategy: finding the best talent in the video game world and working with them to bring their creativity to the world,” he added.