riot games

Six gaming industry veterans have created a new game studio, Theorycraft, and closed a $37.5 million Series A round this week to help them get started.

They're looking to grow their team and develop games that are "deep, 10,000 hour games … worthy of being theory crafted," said Joe Tung, founder and chief executive, in an interview with GamesBeat. Tung was formerly the executive vice president of Riot Games' "League of Legends" franchise, where he worked on the game for seven years.

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If it seemed like everyone and their mother took up gaming this year, that may be because playing became far more popular as social media transforms the industry.

Nearly all games allow for multiple players to interact inside the game, but this year as the pandemic kept people at home, game worlds further converged with social media. Gamers used livestreaming platforms like Twitch and Discord to connect as they play.

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Santa Monica-based PlayVS, a platform that organizes high school esports leagues, raised $10.5 million, SEC filings show.

The injection of money comes just as PlayVS is making a push to expand across all 50 states and diversify their offerings. The two-year old company raised $50 million this summer and with the most recent round, the company's total funding jumped over $100 million.

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