Bitkraft and Hashed lead $10 million round for crypto gaming studio Avalon

Bitkraft Ventures and Hashed have co-led a $10 million funding round for crypto gaming studio Avalon, which plans to release a massively multiplayer online game. 

The company’s first game, also called “Avalon,” is being built by a team of people with experience working for major web2 gaming companies. To develop the title, Avalon has partnered with “artificial intelligence pioneers Didimo and Inworld AI,” the company said in a statement.

“The Avalon universe prioritizes delivering an immersive gameplay experience by combining cutting-edge tech like Unreal Engine 5 with AI-assisted user-generated content systems,” Avalon CEO and founder Sean Pinnock said in the statement. “Our focus on a no-code solution enables players to create game logic effortlessly. Plus, our upcoming NFT collection will introduce AI-powered avatar NFTs.”

Pinnock previously worked at Electronic Arts and Microsoft, according to his LinkedIn.

“Through vibrant, complex and yet easy-to-build [user-generated content] experiences Avalon can make a significant contribution to the rise of the Synthetic Reality, and with it enable experiences with deep economies,” said Carlos Pereira, a partner at Bitkraft Ventures, according to the statement.

Synthetic Reality refers to the generation and simulation of digital worlds and systems. 

A spokesperson said players will be invited to play “Avalon” in a closed, early-access version of the game, which will be available later this year.

Other participants in the funding round included Coinbase Ventures, Spartan Capital, Foresight Ventures, LiquidX, and Momentum6, Avalon said.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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