Valve, Blizzard, Bungie, and Riot vets raise $37.5 million to launch new studio

Industry veterans from Blizzard, Bungie, Riot Games, and Valve have raised $37.5 million to launch a new studio called Theorycraft Games.

NetEase led the funding round into the nascent studio, and was joined by NEA, Bitkraft Ventures, Griffin Gaming Partners, and SISU Game Ventures. 

Based out of Seattle and Los Angeles, Theorycraft will use the cash to expand its development team with "diverse and driven" talent as it works to create a community-driven PvP title for multiple platforms. 

The Theorycraft team boasts an impressive CV, having previously worked on high-profile franchises including League of Legends, Halo, Destiny, Overwatch, Valorant, and Team Fortress 2. 

Joe Chung, who served as executive vice president on the League of Legends franchise at Riot, will lead the studio as CEO. They'll be joined by former Valorant, Overwatch, and Halo tech lead Michael Evans, who's been named chief technology officer; and former Bungie creative director Mike Tipul, who'll be stepping up as chief creative officer. 

"Theorycraft Games is on a mission to create deep games that give everyone the chance to connect, to compete, and to be infinitely delighted by stories that place players directly in the center," reads a press release. "Theorycraft plans to meet players right where they are, regardless of what platform they play on, where they live, or how much money they can spend."