Unity Bags $400 Million in Funding from Silver Lake
Unity Technologies, a company that builds development tools for video game makers, recently secured $400 million in funding from Silver Lake, a private equity firm. A bulk of the finances were used to buy long-term employees’ shares and older investors. John Riccitiello, CEO of Unity, commented that it “makes sense to let employees buy cars.”
The latest round of funding follows one which closed almost a year ago, where Unity landed $181 million from investment led by DFJ Growth.
Previous investors have included Sequoia Capital, Max Levchin, WestSummit Capital, Thrive Capital, FreeS Fund, and China Investment Corporation.
With the new funding, Unity’s valuation now stands at $2.6 billion.
The San Francisco-based company has several significant metrics under its belt — it propels 70 percent of the total augmented and virtual reality experiences; 50 percent of the new mobile games depend on its software in order to be created; and mobile developers who use technology from Unity have generated a net revenue of $12.4 billion over the past two years.
Unity has said that the new capital will go towards future initiatives, including the increasingly popular phenomenon of 3D visuals.
Riccitiello is a stalwart in the industry of gaming. He has had five years of experience at the forefront of Electronic Arts.