Mobile games developer Industrial Toys has raised $5 million in a round of funding led by Accel Partners.
As part of the financing, the Pasadena company is also announcing the launch of its first title, “Midnight Star,” which will be available this summer in beta.
Industrial Toys is an independent studio that designs mobile games for serious gamers. It was founded by Alex Seropian, who also founded Bungie Studios, the team behind the hit “Halo” franchise.
“We’re huge fans of mobile gaming, but we think there aren’t enough great mobile games for core gamers and we’re committed to changing that,” the company says on its website. “We’ll be mobile to the core, with games that let you have an immersive session at home that blows your mind apart as well as a 30-second experience that still moves you forward while you’re waiting for the bus.”
The Series A round represents Industrial Toys’ first institutional financing and comes from a firm with a long history in the games space. Accel Partners was an early investor in Supercell, Rovio, Playfish, Gameforge and Mind Candy.
“Each new platform shift yields a crop of large, independent gaming companies. The shift to mobile and tablets is no different, but has largely targeted the casual or mid-core gamer. The opportunity to ‘activate’ core gamers is even bigger -- the content just hasn’t been there,” said Vas Natarajan, a partner at Accel Partners. “Alex and team are developing for the gamers who’ve largely been underserved in this push to mobile.”
Industrial Toys had been angel-funded as it worked on its first title.
Mobile games are the fastest-growing segment of the gaming market, with revenue set to nearly double from $13.2 billion in 2013 to $22 billion in 2015, according to market research firm Gartner.