Magify Secures $1.1m

Business

11 September 2024 17:02

Cyprus-based business intelligence and live operations platform Magify has secured a €1 million ($1.1 million) investment from Steam Power. The funding will be used to advance product development, enhance AI capabilities, and facilitate expansion into new markets.

Magify, aimed at small and medium-sized studios, offers a pay-as-you-go model for its platform, which includes tools for product and marketing analytics, monetization, user segmentation, live ops setup, A/B testing, and more.

Founded in October 2023 by CEO Evgeniy Kurenkov, who also established Epic Star Games and Rocket Science, Magify has grown rapidly. The team now comprises over 30 employees, including developers, data engineers, and configuration managers. The company had previously raised a six-figure sum in a funding round led by Narwhal in June.

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Steam Power Investments co-founder Andrei Yarantsau stated "Achieving success in gaming is hard, but maintaining it is even harder. The key to success lies in making informed decisions about your audience's behaviour. Over the decade of developing our own games, we made many attempts to find ready-made game analytics, but we always ended up creating custom backend solutions. In Magify, we finally found an external tool that not only meets our requirements but far exceeds them. We see great opportunities for cooperation between our current and future portfolio companies that develop games and Magify, which will help them reduce costs and maximise efficiency."

Tags: Magify

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