American mobile gaming startup Industrial Toys scores $5M in Series A round
Mobile gaming startup Industrial Toys has closed $5 million in its first financing round from Accel Partners. Alex Seropia, the co-founder of Bungie Studios, is the chief executive officer (CEO) of the startup, according to TechCrunch.
Under the terms of the transaction, Vas Natarajan from Accel will become part of Industrial Toys' board. The startup plans to launch a beta version of its new game Midnight Star in summer. This science fiction title is specifically crafted for smartphones and tablets.
According to Industrial Toys President Tim Harris, Midnight Star creates a way for shooters to play on tablets easily. Instead of trying to follow the pattern of the joystick, the player just needs to touch the screen of the mobile device for firing and zooming controls. Since the game will be free, the startup will depend on in-app purchases for it earnings, the report detailed.
For the past two years, Industrial Toys has survived on seed capital. After the launching of the Midnight Star, the company will work on additional content for its existing game and develop new titles, TechCrunch reported.