Tencent Holdings Ltd. and Sony Corp. are beefing up their bet on cloud gaming by joining the latest fundraising round of Japanese venture Ubitus K.K.
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Tencent Holdings Ltd. and Sony Corp. are beefing up their bet on cloud gaming by joining the latest fundraising round of Japanese venture Ubitus K.K.
Ubitus, which specializes in cloud-gaming technology and services, said Wednesday it completed a round with investments from Tencent, Sony Innovation Fund by IGV and Square Enix Holdings Co., without disclosing the amount raised. The investors put in about $45 million at a valuation of less than $400 million, a person familiar with the matter said, asking not to be identified because the details aren’t public.
Tencent has been stepping up its efforts to foster cloud gaming, which allows consumers to enjoy high-end games without owning expensive hardware such as consoles or computers. Just as Netflix streams movies, cloud-gaming services deliver games from servers over the internet to users’ TVs, smartphones and other screens. Tencent said on Monday that it was helping OOParts, a Japanese cloud gaming platform, to capitalize on the technology.