(Reuters) – Los Angeles-based Spire Animation Studios said on Tuesday it raised $20 million in a funding round, which included an investment from Fortnite-maker Epic Games to collaborate and build metaverse experiences.
Spire said Epic’s three-dimensional creation tool Unreal Engine will integrate with the company’s feature animation pipeline to build into metaverse experiences, allowing it to move its existing character assets and worlds to the metaverse.
Metaverse is the latest buzzword in the technology space, with companies shifting focus and deals picking up pace in the segment as tech giants foresee it to be a major innovation and revenue generator.
In January this year, Microsoft announced a buyout of “Call of Duty” maker Activision Blizzard — marking the biggest acquisition in the gaming sector and boosting the industry’s bet on the metaverse.
The proceeds raised from Epic and existing investor Connect Ventures will be set aside to expand the team, build new infrastructure and improve technology, Spire Animation said.
Founded by “Ratatouille” and “How To Train Your Dragon” producer Brad Lewis, the company is currently producing “Trouble” and “Century Goddess.”
(Reporting by Akash Sriram in Bengaluru; editing by Uttaresh.V)
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