Australian virtual reality studio Alta nets $12.4 million

Alta is the studio behind open-world VR RPG, A Township Tale.

Australian virtual reality studio Alta has raised $12.4 million to develop new projects and expand its team.

The investment round was co-led by Andreessen Horowitz and Makers Fund with additional backing from Pioneer Fund, Boost VC, Thomas Rice, and muru-D.

Alta is known for developing A Township Tale, an open-world, multiplayer, VR RPG that lets players forge a life for themselves in a virtual fantasy world.

As noted by TechCrunch, Alta's revenue has increased tenfold since the studio was established in 2016, and co-founder Tima Anoshechkin believes the latest cash injection will help it reach new heights.

"This funding helps us expand that vision beyond just growing our flagship game, and allows us to expand the team, create new opportunities and partnerships to collaborate with, and continue to develop world-class technology whether with VR or other platforms," said Anoshechkin.

"Whenever and wherever you are playing, our experience will always be engaging, seamless and fun."

Alta is reportedly pursuing further investments in a bid to expand globally, and hopes to add to its offices in Australia and the United States with new locations in Europe and Asia.

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