Hyve Labs Secures $2.75M to Develop a Web3 Gaming Platform

Web3 gaming studio Hyve Labs has raised $2.75 million in a pre-seed funding round led by Framework Ventures.

This funding round is also join by Volt Capital, Builder Capital, 32 Bit Ventures, and several angel investors from companies like Zynga and InfiniGods. The company’s primary goal is to build a decentralised gaming ecosystem, which will enable easier game development on blockchain platforms.

With the latest funding, Hyve Labs plans to expand its team, develop on-chain assets, and create a cross-chain game launcher.

What to expect from this latest funding?

Hyve Labs plans to use the $2.75 million to accelerate the development of its gaming rollup and platform infrastructure.

The rollup will leverage decentralised data availability services such as EigenDA to allow seamless cross-chain integration. By connecting with social platforms like Telegram, Discord, and Farcaster, the gaming studio aims to offer more accessible and connected experiences for both developers and players. In addition, the funding will support the expansion of the team, including the recruitment of talent to strengthen the company’s technical and creative capabilities.

The studio is also focused on creating its first game and other on-chain assets as part of its goal to build a self-sustaining ecosystem. The integration of AI will be central to the platform’s functionality, improving game mechanics, generating dynamic content, and enhancing player interactions. AI will also be embedded into Hyve’s internal development tools to streamline the workflow for game creators, allowing them to focus on the more creative aspects of their projects.

“With the backing of incredible investors like Framework and Volt Capital, this funding propels us closer to redefining the gaming landscape,” said Lucas Fulks, CEO and Co-Founder of Hyve Labs. “Our mission is to create a gaming ecosystem that prioritizes fun and engagement for players while empowering developers and builders to innovate without constraints.”

When will the Testnet Chain launch?

Whilst Hyve Labs has not yet disclosed a specific date for the launch of its testnet chain, it has hinted that the development is progressing.

The company has also teased its first game, “BitByte,” which is expected to release soon. Further details about the launch timeline, including the testnet chain and the game, will likely be revealed in the near future.

This pre-seed funding provides Hyve Labs the resources to push forward its vision of a decentralised gaming ecosystem and positioning itself for future growth in the web3 gaming sector.