81Ravens raises $4.5M for Paravox Web3 arena shooter

81Ravens, a Web3 game studio behind the free-to-play 3v3 arena shooter Paravox, said it has raised $4.5 million in funding.

Digital Hearts Holdings and Gree Ventures led the funding for the Web3 game company. The funding will support the continued development and marketing of Paravox, which will launch on the Solana blockchain. The deal shows there is still life behind Web3 games targeting hardcore gamers.

81Ravens is a Singapore game development company founded in 2020. As a team of experienced game developers, publishers, and league organizers in Japan and Southeast Asia, 81Ravens is working on Paravox, which features a blend of movement, skill mastery, and tactical precision.

Paravox is currently in global open alpha testing and has gained some traction, with over 100,000 downloads on the Epic Games Store following its Private Alpha launch in Japan and Southeast Asia. Currently, the title has over 100,000 registered accounts, which is respectable for a Web3 game.

In addition to the funding round, 81Ravens has selected to deploy on the Solana blockchain. With fast, scalable infrastructure, low friction and extremely low transaction costs, Solana argues it is good for games as it enables real-time gameplay and smooth on-chain integrations.

“81Ravens aims to revolutionize the esports ecosystem by creating a platform that fairly distributes incentives to all contributors, from viewers to competitors and third-party creators,” said Shimpei Yoshimura, CEO of 81Ravens, in a statement. “Our goal is to expand the esports market to 10 trillion yen ($65 billion) by addressing the current imbalance between publishers and communities. While we may appear to be a game studio, our true identity as a platform is our unique insight, enabling us to connect all aspects of esports through tokens and accurately measure each title’s market size.”

This year, Paravox hosted the Paravox Global Rapid Tournament (PGRT), its first esports event, which featured a prize pool of 100 million yen ($652,000) and attracted over half a million viewers, with 23 esports teams participating.

“As an independent game developer and Esports venture, we believe 81Ravens can bring a breath of fresh air to the game industry with this very unique and exciting 3vs3 shooter Paravox and its blockchain business model. Digital Hearts supports 81Ravens’ challenges with all our might,” said Digital Hearts Holding CEO Toshiya Tsukushi, in a statement.

Pro teams from Japan, Southeast Asia, Europe, and Latin America such as Loud, Zeta Division and Blacklist International have partnered with Paravox. PCI, the second major esports tournament, is planned to take place in December, with Loud among the participants.

“Since meeting 81Ravens, I have eagerly anticipated their growth,” said Gree Ventures CEO Shintaro Aikawa, in a statement. “Having known Shimpei since he was in high school, I am delighted to see this milestone achieved. 81Ravens possesses unique strengths, including strong reach to influencers, cost-effective and rapid game development, and an essential approach to GameFi. I am confident they will continue to make a significant impact on the global market. With their entry into the Solana ecosystem, I look forward to seeing them further integrate games and blockchain technology, delivering a next-generation entertainment experience.”

The game is currently being enhanced and improved in preparation for its Steam release, scheduled for the end of 2024.