Param Labs raises $7M to fund gaming ecosystem development

Param Laboratory announced today that it has raised $7 million in its latest funding round, which is going towards developing its modular gaming ecosystem. Animoca Brands led the round, with Delphi Ventures, Cypher Capital, P2 Ventures, Mechanism Capital, Merit Circle, TRGC Capital, Double Peak Group, MH Ventures, and others participating. Param Labs’ ecosystem, which would be governed by the Param token, is intended to disrupt traditional game development, according to the company.

Param Labs has several products in development, including its Game Launcher and Pixel to Poly, a service that transforms 2D images into 3D game assets. It also launched the game Kiraverse, an online multiplayer game in which players compete to earn digital assets. Param Labs also recently hired Steve Young, formerly Activision Blizzard’s consumer products head, as a strategic advisor.