In a significant stride towards advancing the future of gaming, Animoca Brands has spearheaded a $7 million funding round for Param Labs, a UAE-based gaming infrastructure developer. This funding round saw participation from an impressive roster of investment firms including Delphi Ventures, Cypher Capital, P2 Ventures, Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group and MH Ventures.
Param Labs, which describes itself as “Pioneering the next generation of Gaming through United Creativity and Technological Advancement,” is poised to lay the groundwork for the future of gaming. The company’s mission is to push the boundaries of the gaming industry, leveraging cutting-edge technology and fostering a creative, innovative environment. On their X account, Param Labs expressed their excitement about being at the forefront of an industry brimming with untapped potential.
“We’re excited to be building and continually executing at the forefront of an industry with so much potential yet to be fully unlocked,” the company stated, highlighting their ambition to drive the next wave of gaming evolution.
A High-Profile Roster of Investors
The funding round was notable not only for the amount raised but also for the caliber of angel investors who demonstrated high conviction in Param Labs’ vision. These include prominent figures in the crypto and gaming communities such as Yat Siu (@ysiu), Banks (@Banks), Gainzy (@gainzy222), Bagsy (@Bagsy), RookieXBT (@RookieXBT), IvanOnTech (@IvanOnTech), Dingaling (@Dingaling), TheCryptoDog (@TheCryptoDog), GiulioXdotEth (@GiulioXdotEth), and Ashcryptoreal (@Ashcryptoreal).
The Strategic Role of Animoca Brands
Animoca Brands, a global leader in digital entertainment, blockchain, and gamification, has a proven track record of supporting innovative ventures that shape the future of interactive entertainment. Their leadership in this funding round underscores their commitment to fostering next-generation gaming technologies and ecosystems.
Param Labs will greatly benefit from being part of the Animoca ecosystem, which includes numerous companies that are pioneering advancements in digital entertainment. By being in Animoca’s orbit, Param Labs can leverage shared knowledge, resources, and networks, accelerating its growth and innovation potential.
UAE: A Growing Hub for Technological Innovation
The successful funding round for Param Labs also highlights the UAE’s growing status as a hub for technological innovation and investment. As Param Labs continues to develop groundbreaking gaming infrastructure, its success will contribute to the UAE’s reputation as a leader in Web3 gaming and blockchain innovation. With the backing of prominent investors and a clear vision for the future, Param Labs is set to make significant contributions to the gaming world, offering exciting new possibilities for gamers and developers alike.
