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Red 5 Secures $18.5 Mil For Online Development
by Jason Dobson
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December 11, 2006
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Independent developer Red 5 Studios has secured an investment of $18.5 million in venture capital from Benchmark Capital and Sierra Ventures, according to a Reuters report released ahead of an official press release, with Red 5 officials planning further expansion in the online game space.
Red 5 Studios is the development company founded in 2005 by former members of Blizzard's World of Warcraft development team, including former team leader Mark Kern and former art director William Petras. According to the report, the studio plans to use the new capital to create original online games, though at this point no other information regarding the firm's future plans have been released.
Benchmark Capital has invested in dozens of successful consumer-technology companies, including Second Life, mobile entertainment firm JAMDAT, and eBay. On the other hand, Sierra focuses on investments across all areas of the information technology sector, and works with entrepreneurs and management teams to originate and build new companies into large, profitable businesses.
Earlier this year Red 5 partnered with Korea-headquartered game publisher Webzen for a new MMORPG, which likewise is largely a mystery save for that game's use of the Offset game engine in its development. Currently no further details on this game, such as a target release date or platform, are known.
Gamasutra has conducted an in-depth interview with members of Red 5 Studios on their MMO, engine, and funding specifics, which will debut in the near future.
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