Online gaming startup Ignite Game Technologies said Tuesday it secured $7.5 million in Series B financing in a round led by Steve Belotti and Bill Budinger Jr. The company closed a Series A round of $3 million in 2010.
IGNITE GAME TECHNOLOGIES RECEIVES $7.5 MILLION
TO INTRODUCE A NEW ERA OF ONLINE RACING
Series B round fuels Ignite to address a new era of online racing
SAN FRANCISCO, Calif. – July 12, 2011 – Ignite Game Technologies (“Ignite”), an online gaming company focused on building a new form of auto racing game, today announced it has secured $7.5 million in Series B financing from private investors. The round, led by Steve Belotti and Bill Budinger Jr., follows a successful Series A round of $3 million in 2010.
Since its founding in 2008, Ignite has been exploring ways to improve “the racing game.” The company will use this capital to launch a new live online auto racing experience that will shake up traditional racing gameplay. With an emphasis on live online multiplayer gaming, this interactive and engrossing new experience will be enhanced by a high-fidelity physics engine and proprietary player skill quantification technology.
“There are a number of great racing games on the market but the genre as a whole has seen little real innovation in the past 10 years,” said Jonathan Haswell, CEO of Ignite. “Most titles make year-over-year incremental changes to visual fidelity and the breadth of cars and tracks on the disc – the eye candy. Ignite will offer a fresh take on the genre, one that rethinks some of the fundamentals and focuses relentlessly on a core aim of live multiplayer racing.”
According to DFC Intelligence, the online gaming space is exploding and expected to double from $16 billion today to $30 billion by 2016. Ignite will tap this growth and turn the tables on the traditional view of auto racing game development by devoting more processor and bandwidth budget to highly accurate driving physics and an outstanding online multiplayer experience.
“The booming online gaming market, which is expected to overtake consoles this year, is in need of a Silicon Valley company like Ignite to shake up the racing genre, a staple of the gaming space,” said Bill Budinger. “We think the Ignite project is the solution needed to bring a more engaging offering to the genre, one that materially increases play time.”
About Ignite Technologies
Ignite Game Technologies is a San Francisco-based online gaming company focused on building a new form of auto racing game. It was founded in 2008 by skill quantification experts Jonathan Haswell and James Synge and is planning to announce its product in the fall of 2011. To date the company has raised $12.2 million.