fund:AI, the North’s first dedicated AI fund launched in November 2022 and managed byRiver Capital, has invested £500,000 in Merseyside VR gaming company Fallen Planet Studios.
Based in Southport, Fallen Planet is at the forefront of VR gaming and has established relationships with major platforms including Sony and Meta, where Fallen Planet’s games have been in the top 10 all-time downloaded VR titles.
The funding win is the second half a mill bonus for Fallen Planet this year after it secured £500k investment from the Creative Growth Finance fund in February.
The investment will be used to support the development of new titles where Artificial Intelligence is key to the evolving workflow.
Fallen Planet Studios CEO Alex Moretti said: “With a sole focus on developing for the nascent Virtual Reality industry, the exploration and adoption of new technologies is an integral part of
Fallen Planet Studios’ DNA. This strategic investment from River Capital will support our commitment to innovation, accelerating the implementation of AI technologies across our game development pipeline by enhancing our proprietary toolsets, whilst enabling us to elevate our gaming experiences by deriving and responding to valuable player insights.”
fund:AI investment director David Walters added: “We are pleased to support Fallen Planet Studios on the launch of their next gaming titles and to capitalise on the launch of new hardware from Meta and Apple. Both initiatives offer strong growth opportunity for the company.
“The gaming sector has been an early adopter of AI which has made a huge impact on graphical and functionality development. The ability for AI to support game designers and programmers is increasing exponentially, with new tools and applications assisting developers with their workflow.”
fund:AI is an evergreen fund deploying investments of up to £2m into EIS qualifying companies, predominately in the North of the UK. Drawing on AI operational expertise the fund is managed by Artificial Intelligence and Data industry experts and investors.