3rd Eye Studios
Developing VR games and VR technology built for developers.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $1.0m | Seed | |
| Total Funding | 000k | ||
| EUR | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | (42 %) | 286 % | (43 %) | 42 % | - | - | - |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (2572 %) | (390 %) | 63 % | - | - | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (2621 %) | (402 %) | 45 % | - | - | - | - |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| R&D % of revenue | 103 % | 89 % | 94 % | - | - | - | - |
Source: Company filings or news article, Dealroom estimates
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Helsinki-based 3rd Eye Studios, established in June 2016, is a technology and game development company founded by a team of seasoned professionals from prominent companies like Remedy Entertainment and Unity Technologies. The firm is led by CEO Kari Koivistoinen and CTO Veli-Pekka Kokkonen, who brings over 15 years of game industry experience, including work on the BAFTA-winning 'Ori and the Blind Forest'.
The company's strategic focus is twofold: developing its proprietary cross-platform toolset, the '3rd Eye Core', and creating its own games, with a particular emphasis on virtual reality. The '3rd Eye Core' is a suite of tools designed to facilitate fast and effective game development for VR, PC, and mobile platforms. This technology was undergoing testing in Finland and China with a planned launch for the broader development community in 2018. The business model appears to be centered on licensing this toolset to other developers, hobbyists, and consumers to generate new content.
To fund these parallel developments, 3rd Eye Studios secured $1 million in a funding round in October 2017. The investment came from a diverse group of international backers, including ColoplNext/ColoplVRFund, Sisu Game Ventures Oy, GameFounders, Success (China) Limited, and notable individuals like Karl Magnus Troedsson, a former Electronic Arts VP. These funds were earmarked for the continued development of the '3rd Eye Core' and the production of their own VR game saga, 'Downward Spiral'. The first entry, 'Downward Spiral: Horus Station', a zero-gravity sci-fi thriller, was also slated for a 2018 release.
Keywords: game development tools, virtual reality, cross-platform engine, 3rd Eye Core, Downward Spiral, Kari Koivistoinen, Veli-Pekka Kokkonen, game developer, VR games, PC gaming, mobile gaming, game technology, Helsinki startup, Finnish game industry, Sisu Game Ventures, ColoplNext, Remedy Entertainment alumni, Unity Technologies alumni, developer tools, licensing model