South Korea-based gaming entity Neowiz has announced that it has successfully raised $12 million in private funding for its Web3 gaming platform, Intella X. The company plans to use the raised capital for the upcoming launch of Intella X on Polygon.
The private investment round saw over 20 investors from various sectors, including Polygon, Animoca Brands, Magic Eden, Planetarium, Big Brain Holdings, Global Coin Research, Crit Ventures, JoyCity, Pearl Abyss, XL Games, and Wemix. According to the press release, Intella X aims to bridge the gap between Web2 and Web3 through protocols, services, and games.
The company stated that Intella X works differently than others, as the platform perpetually rewards the contributors of its ecosystem with the Intella X token through its rewarding service named Proof of Contribution. The platform also redistributes some of its revenue back to the contributors via a decentralized revenue distribution protocol.
Intella X also boasts of offering additional features to remove high entry barriers and improve user experience in Web3, with a mission statement to provide high-quality games and a user-friendly environment to accelerate mass adoption.
The South Korean company Neowiz has extensive experience in both game development and publishing. The company published an action platformer in a dystopic cyberpunk future titled Sanabi: The Revenant in 2022.
Intella X is set to launch on Polygon in the first quarter of 2023, along with its proprietary Web3 wallet, DEX (Decentralized Exchange), NFT marketplace, launchpad, and games.