The new capital will be utilized for the company's expansion of its JavaScript and HTML5 engineering processes and engineering team in lieu of the industry's increasing demand from major players in the entertainment and tech sector.Ludei, an HTML5 platform company, announced on Wednesday that it has raised $1.5 million in funding from two of Spain's venture capital firms, Kibo Ventures and Vitamina K. Other angel investors also participated in the round.

Ludei's Chief Executive Officer Eneko Knorr said, "This funding further validates our approach to HTML5 development."

"HTML5 has taken a lot of criticism in recent years, and it's true that on its own, it performs poorly on mobile. But our team and the world-class developers using our platform are proving every day that with the right support, HTML5 is ready for primetime, and we're positioned to take on the biggest players in the app industry," he added.

The company is also pursuing the development of its platform which caters to over 500 games such as ScribbleMix, Bubble Soccer, and others that are supported in iOS and Android devices.