Epic Games raises $1 billion, launches MetaHuman Creator early access

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Sony’s investment in Epic Games ‘aligns with our purpose to fill the world with emotion, through the power of creativity and technology’

Quick read

➨ Epic is now valued at $28.7 billion
➨ Sony provided an additional $200 million strategic investment
➨ The new funding will support Epic’s ‘vision for the metaverse’
➨ Epic just opened the early access programme for MetaHuman Creator

The story

Epic Games, developer of Unreal Engine, has completed a $1 billion round of funding, taking its equity valuation to $28.7 billion.

Sony provided an additional $200 million strategic investment, following its $250 million contribution last year. That $1.78 billion funding round valued video game and software development company Epic at $17.3 billion.

The new funding will support Epic’s “vision for the metaverse”, through acceleration of its work to build connected social experiences in Fortnite, Rocket League and Fall Guys, while “empowering game developers and creators” with Unreal Engine, Epic Online Services and the Epic Games Store.

Other investment partners in this round include Appaloosa, Baillie Gifford, Fidelity Management & Research Company, GIC, Ontario Teachers’ Pension Plan Board, Park West, KKR, AllianceBernstein, Altimeter, Franklin Templeton and Luxor Capital, plus funds and accounts managed/advised by BlackRock and T Rowe Price Associates.

Tim Sweeney, chief executive officer and founder of Epic, remains the main shareholder of the company. He adds: “We are grateful to our new and existing investors who support our vision for Epic and the Metaverse.” 

Sony’s new investment “builds on the already close relationship between the two companies and reinforces their shared mission to advance the state of the art in technology, entertainment, and socially-connected online services”. 

Kenichiro Yoshida, chairman, president and chief executive officer of Sony, says: “Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry.”

“We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology.”

Following last year’s funding round, analysts predicted Unreal Engine’s strong augmented and virtual reality capabilities would help the company expand its operations in industries such as medical and automotive, which are increasingly experimenting with both immersive technologies.

Epic just opened the early access programme for MetaHuman Creator, the highly anticipated cloud-based app that empowers “anyone” to create photorealistic digital humans.

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Image: Epic Games

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