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Epic Games Raise USD 1 Billion In Latest Funding Round

Epic Games, the developers behind the pop-culture hit and video game Fortnite recently announced that it has completed USD 1 Billion in a round of funding. Among the investors, the most notable was Sony Corporation that invested USD 200 Million into the company. This funding round has caused Epic Game’s equity valuation to climb up to USD 28.7 Billion.

Tim Sweeney, CEO of Epic Games stated that the company will use the investment to help accelerate its work around building connected social experiences in Fortnite, Rocket League and Fall Guys. It will also use it to empower game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store.

ALSO READ: Sony Plans To Bring PlayStation Games To Mobile

Kenichiro Yoshida, Chairman, President and CEO of Sony Group Corp said, “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.”

Many reports believe that Epic Games will also use these funds to further build what many call ‘the metaverse.’ The metaverse is more of a virtual world where a digital version of a player will be able to exist within it and interact with others. Much like the movie Ready Player One, where people put on different avatars and play different games.

While Epic Games does have a good base with the current funding and technology to start with the project, it will still be long before it can actually materialize. There are challenges with regards to speed, accessibility, cost etc. which the company will have to work on before it can start creating the metaverse. Until then, fans will have to wait a little longer.

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