Indika developer raises $5 million

Odd Meter, the developer behind the 2024 narrative game INDIKA, said on May 12 that it had raised $5 million to fund its next project. The independent studio said the round came from GEM Capital and Autotelic Ventures and would be used for an as-yet-unannounced game. The announcement adds fresh financing to a studio that broke out with INDIKA, a title published by 11 bit studios and released on May 2, 2024. Odd Meter did not disclose valuation, ownership terms or how much each investor contributed. ### Which studio raised the money, and when did it say so? May 12 was the date Odd Meter disclosed the financing in a press release carried by Games Press and reported by trade outlets including Game Developer and GamesIndustry.biz. The studio described itself as the developer of INDIKA and said the investment would support its next game. Paphos, Cyprus, was listed on the press release, which said Odd Meter had raised $5 million from GEM Capital and Autotelic Ventures. The release did not provide a closing date for the round or say whether the money had already been wired in full. ### Who are the investors named in the round? GEM Capital and Autotelic Ventures were the two investors named by Odd Meter. Game Developer reported that the round was led by GEM Capital, while other trade reports said Autotelic Ventures also participated. Roman Gurskiy, managing director at GEM Capital, said in the press release that the firm saw “long-term potential” in the team and its next chapter. (gamespress.com) Vladislav Korotkov, chief executive of Autotelic Ventures, said the firm backed Odd Meter because of what he called the studio’s consistency and execution. (gamedeveloper.com) ### What did Odd Meter say the $5 million will pay for? The $5 million will be used to develop Odd Meter’s next, still-unannounced project, according to the company’s statement. Dmitry Svetlow, the studio’s game director, said the round gives the team “runway to grow” and lets it focus fully on building the next game. (gamespress.com) No project details were disclosed in the release. Odd Meter said it was not yet ready to announce the new game’s genre, platforms or release window. ### Is 11 bit studios publishing the next game too? 11 bit studios published INDIKA, but Odd Meter said no decision had been made on publishing for the next title. (gamespress.com) Game Developer reported that Svetlow said the studio was still deciding whether to work with a publisher again or self-publish. Svetlow said the studio had “several offers on the table,” according to Game Developer. (gamespress.com) He added that the publishing decision would come later in development. ### Why does INDIKA matter in this funding announcement? INDIKA was Odd Meter’s breakout release and remains the clearest public marker of the studio’s track record. (11bitstudios.com) The game launched on May 2, 2024, on Steam, where Odd Meter is listed as the developer and 11 bit studios is listed as the publisher. The May 12 press release said INDIKA had won recognition at the Japan Game Awards and Games for Change and had also been nominated at The Game Awards, the BAFTA Games Awards and the DICE Awards. (gamedeveloper.com) Trade coverage repeated those credentials in describing why investors backed the studio. (store.steampowered.com) ### What comes next, and what is still missing? Odd Meter said the next milestone will be a later announcement about the new game, but it gave no date for that reveal. The studio also has not said whether the project will be self-published or released through a partner. May 14 is the first full day after the funding news circulated widely, and the public record still lacks several basic terms: valuation, board rights, ownership split and any timetable for launch. (gamespress.com) For now, the named participants in the next step are Odd Meter, GEM Capital and Autotelic Ventures, with 11 bit studios still unconfirmed as a publishing partner. (gamedeveloper.com)