Gaming company secures $6m in Series B round

Taiwanese venture firm PAC-LINK and Japanese venture firm Japan Asia Investment Company are among backers of a Shanghai-based video game developer. Ultizen develops games including Kung Fu Piggy, a massively multiplayer online game.

Ultizen Games, a game development and outsourcing company, has received $6 million (€3.9 million) in Series B funding from two venture capital firms and an advertising agency.

The funding round was led by PAC-LINK, a Taiwan-based venture capital firm. Other investors include Japan Asia Investment Company (JAIC), a Japanese venture capital investor, and CyberAgent, a Japan-based online advertising agency and media representative company.

Founded in 2005, Ultizen provides game art development outsourcing services to clients from Japan, North America and Europe. It also offers game development services such as game designs, porting and programming. It is a certified developer of Microsoft X-Box Live Arcade games and plans to launch its first tile on the X-Box platform later this year. Ultizen is based in Shanghai and has offices in Shanghai and Los Angeles.

The investment will be used to fund the company’s expansion through acquisitions.

“China has become the biggest game development and art outsourcing market in recent years and we believe the market will continue to grow exponentially in the near future,” Allen Hsu, a partner at PAC-LINK, said in a statement.

Following the investment, representatives from PAC-LINK and JAIC will join the company’s board, which currently comprises of company vice president Wu Jun, its chief executive Lan Haiwen, and a representative from Dragonvest Partners.

Dragonvest Partners, which is focused on making venture investments in China’s technology sector, provided Ultizen with $1.5 million in Series A funding in June 2007.

Established in 1981, JAIC is a Japanese venture capital firm that started as a semi-government investment firm until it became independent in 1989. The firm has offices in a number of cities in North Asia and Southeast Asia, and one in Silicon Valley in the US.

PAC-LINK, established in 1998, manages $430 million across 10 venture capital funds. The firm has invested in more than 160 companies to date.