Online video game maker Riot Games, which plans to launch its first product this fall, said Wednesday that it closed an $8 million follow-on round of financing with three current funders.
The latest funding for the Culver City company brings the total to $20 million. Funders are Benchmark Capital of Menlo Park, FirstMark Capital of New York City and Tencent, an online services company in Shenzhen, China.
The Culver City video game developer and publisher was established in 2006 by two former University of Southern California roommates, Brandon Beck and Marc Merrill, to develop next-generation online titles for PC, console and mobile device platforms.
The company is employing a "games-as-service" revenue model popular in Asia, in which players play its fantasy role-playing games for free but pay for certain add-on virtual products, such as additional abilities or character costumes. The company's first game, "League of Legends," is set to launch simultaneously in North America and China next month.
The games are designed to be shorter than typical online role-playing games like the "World of Warcraft" franchise.
"With our focus on delivering and operating core games as premium, live services that constantly adapt to our customers' needs, we have a unique opportunity to build global franchises" Beck, the company's chief executive, said in statement.
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