Embark Studios adds $41M in strategic investment from Nexon for setting up a game devel studio led by Patrick Söderlund.
Embark Studios AB, a Stockholm, Sweden-based game development studio announced in a press release that it raised a major strategic equity investment from Nexon, a Japanese holding company involved in development, production and operation of online games.
The deal has the financial details undisclosed and according to the Swedish media was made for SEK 367M ($41M) for 33% of the company's shares.
It also involves that Nexon will serve as worldwide publisher for titles developed by the new company and that Embark Chief Executive Officer (CEO) Patrick Söderlund is to serve on Nexon’s Board of Directors
Embark Studios AB, founded in 2018 by Patrick Söderlund, is a game development studio aiming to develop new types of interactive entertainment and simulated virtual online worlds enabled by the massive leaps in technology that have already occurred and are on the horizon, across streaming, cloud computing and AI.
The company will also build its own technology platform to optimize for the new games and experiences it will offer. The founding team also includes Johan Andersson (CTO), Stefan Strandberg (Chief Creative Officer), Robert Runesson (Chief Content Officer) and Magnus Nordin (CXO / Chief Exploration Officer).