China-based Game Engine Provider: Cocos Technologies raises $50M in Series B funding round
- ByStartupStory | April 12, 2022
A China-based game engine provider, Cocos Technologies, that has been around since 2010, just announced that it has picked up $50 million in a Series B funding round in a bid to work on development and move beyond games. Investors include a subsidiary of China Construction Bank, CCB Trust, GGV Capital and a long-time partner of Cocos- real-time communication solution provider Agora.
Cocos is best known for open source engine for 2D mobile games, its cross-platform, but it has fallen behind in the 3D era that many have argued. The Beijing-based company added 3D capabilities to its engine last year in order to play catchup. The Chinese company is not aiming to take on behemoths like Unreal or Unity though; rather, its sight on an overlooked trend is set by it— the revival of HTML5 web games in China and elsewhere. Into non-game scenarios like online education and autonomous driving, it’s also making forays.
It has generated capital from a mix of sources, including providing support and tutorials to third-party developers, getting funding from its Chinese parent Chukong and running gaming industry events, over the years, as Cocos is free to use.
To let global developers build games that run on the phone maker’s in-house chips and HarmonyOS, it has a major deal with Huawei, billed as an alternative to Android. Chinese search giant Baidu’s metaverse platform Xirang, which is also supported by the company though it declined to share how exactly they work together.
These revenue streams have been able to sustain Cocos, it sought outside financing because the company is ready to accelerate growth. As of this month, its team grew from about 100 employees 18 months ago to over 230, told Luke Stapley, a marketing director at Cocos in a report.
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