Arctic Theory in a $2 million seed round backed by Brunnur Ventures.

Arctic Theory, a Reykjavík, Iceland-based gaming studio, announced a seed funding round closed at $2 million.

The money was raised locally from Iceland, from Brunnur Ventures.

Arctic Theory, founded in 2020 by Gísli Konráðsson, Matthías Guðmundsson, Snorri Sturluson and Jón Bjarni Bjarnason, is specializing in massively multiplayer virtual worlds as it is working on a first video game, Annex (working title), a massively multiplayer sandbox game set in a harsh, arctic environment. The title is expected to to be release by 2023.

The studio has a development prototype, called Project Existence, available for free on Steam. The prototype works as a live development environment where the team lays the groundwork for their main title, and tests out new features and technology with real player engagement.

Additionally, the studio is innovating in a few areas related to massively multiplayer games. Currently, two project are underway, GenOS, a new game world technology and Existence, an MMO scale behavioural AI technology.