Series AI Raises $28M Series A from Netflix, Dell, and a16z to Power GenAI Game Development

 

    Series Entertainment (known as Series AI), a new player in the game development world, has quietly raised $28 million in an oversubscribed Series A funding round. The company, led by gaming veteran Pany Haritatos, is on a mission to revolutionize game creation through the use of generative AI (GenAI) and large language models (LLMs). Investors in this round include heavyweights like Netflix, Dell Technologies Capital, and Andreessen Horowitz (a16z), along with existing backers BITKRAFT and F4 Fund.

Series AI and the Rho Engine: Full-Stack AI Game Development

Series AI aims to create a game development platform that leverages GenAI to streamline and enhance the creative process. At the heart of this effort is the Rho Engine, which allows developers to use AI to generate not just game elements like characters and environments but also rich, interactive experiences. For example, AI-driven non-playable characters (NPCs) could evolve into fully developed personalities capable of real-time interactions, such as negotiating with players or offering unique storylines. Rho is billed as the first AI-native, multimodal, full-stack game creation platform, handling both visuals and audio.

Unlike competitors like Modl.ai Engine, which focuses on tasks such as bug detection, or Unity’s Muse Chat, which serves as an AI assistant, Series AI’s Rho Engine is designed to facilitate end-to-end game development, making it a potential game-changer for the industry.

A Rapidly Growing Team and Strategic Acquisitions

Since its founding just a year ago, Series has seen impressive growth. After securing $7.9 million in seed funding led by a16z, Series quickly expanded from 17 employees at the beginning of 2024 to over 100 by September. The team includes industry veterans from companies like Zynga, Machine Zone, Google, and Snap.

In addition to scaling its workforce, Series has made strategic moves to grow its capabilities. In July, it acquired Pixelberry, a mobile game studio best known for its popular interactive fiction game Choices: Stories You Play. This acquisition aligns with Series’ focus on using GenAI to create immersive, interactive experiences in gaming.

The Right Vision at the Right Time

Haritatos' reputation as a forward-thinking leader in game development has played a crucial role in attracting top-tier investors. Having built and sold multiple game studios—first to Zynga and later to Kongregate, where he eventually became CEO—Haritatos is known for staying on the cutting edge of gaming technology. His past roles at Adobe, Snap, and Kongregate have solidified his status as a key figure in the gaming industry, making Series AI a promising venture in the eyes of investors.

Series’ investor lineup is packed with gaming industry giants. In addition to Andreessen Horowitz’s game-specific fund, Series has backing from BITKRAFT Ventures, co-founded by Jens Hilgers, an eSports pioneer, and F4 Fund, run by seasoned game developers David Kaye and Joakim Achrén.

A Strong Future Amid a Tough Funding Climate

Despite a challenging year for startup funding, Haritatos expressed gratitude for the strong support from investors. In a statement, he said, “We are thrilled that we raised a very successful $28 million Series A during a tough year for funding.”

While Pitchbook estimates that this funding round gave Series a $190 million post-money valuation, the company has not commented on this figure. Regardless, with its innovative approach to AI-powered game development, Series AI seems well-positioned to become a major player in the future of gaming.

By building a platform that harnesses the power of AI to enhance creativity and interactivity in games, Series AI aims to not only change how games are made but also provide developers with tools to create richer, more engaging experiences for players.