Wavedash Games

Wavedash Games was an independent game development studio based in Oakland, California, founded in 2015 by Jason Rice and Matt Fairchild. The founders, both deeply rooted in the competitive gaming community, especially the "Super Smash Bros." scene, envisioned creating a new title in the platform fighter genre. Jason Rice, known as M3D, was a key figure behind MLG Smash Bros. in 2006, while Matt Fairchild hosted one of the largest Smash tournaments in 2005. Their professional backgrounds included tenures at major studios like EA, Bioware, and TinyCo, but their shared passion for competitive gaming drove them to establish their own studio.

The company's mission was to develop a platform fighter that was community-focused, competition-ready, and highly watchable, aiming to fill a perceived gap in the market for a PC-native, free-to-play title in this niche. In May 2017, Wavedash Games successfully raised $6 million in a Series A funding round led by March Capital Partners, with participation from several other venture firms. This capital was intended to expand the team and complete their flagship project.

The studio's sole product was "Icons: Combat Arena," a free-to-play platform fighting game released on Steam for PC. The game was designed as a love letter to the genre, with gameplay mechanics where victory is achieved by knocking opponents off the stage. It featured fast-paced combat, responsive controls, and a roster of characters with varied archetypes. The business model was inspired by successful esports titles like "League of Legends," planning to generate revenue through the sale of cosmetic items. However, upon its early access release in mid-2018, "Icons: Combat Arena" received a mixed response. Criticisms included its strong similarities to the "Super Smash Bros." series and a lack of content for non-competitive players. The game failed to gain significant traction and profitability, leading to substantial layoffs in late 2018, effectively ceasing new development. PitchBook lists the company as out of business as of December 2018.

Following the studio's closure, the company was acquired by one of its original co-founders, Christopher Kovalik, in late 2019. The game was subsequently rebranded and released as "Icons: Legacy Edition," a final, paid version containing all characters and cosmetics. Further development on the intellectual property continued under a new company, Vortex Games.

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