Hyve Labs has secured $2.75 million to develop its Web3 gaming platform.

Web3 gaming studio Hyve Labs has raised $2.75 million in a pre-seed funding round led by Framework Ventures.

This funding round also sees participation from Volt Capital, Builder Capital, 32 Bit Ventures, and several angel investors from companies such as Zynga and InfiniGods. The company’s main goal is to make game development easier on blockchain platforms by building a decentralized gaming ecosystem.

With the latest funding, Hyve Labs plans to expand its team, develop on-chain assets, and create a cross-chain gaming launcher.

What can we expect from this funding?

Hyve Labs plans to use $2.75 million to accelerate game roll-up and platform infrastructure development.

Rollup leverages decentralized data availability services such as EigenDA to enable seamless cross-chain integration. By connecting with social platforms like Telegram, Discord, and Farcaster, the game studio aims to provide a more accessible and connected experience for both developers and players. Additionally, the funding will support team expansion, including recruiting talent to strengthen the company’s technical and creative capabilities.

The studio is also focused on creating its first games and other on-chain assets as part of its goal to build a self-sustaining ecosystem. The integration of AI will become core to the platform’s functionality, improving game mechanics, creating dynamic content, and enhancing player interaction. AI is also built into Hyve’s internal development tools, streamlining game creators’ workflows so they can focus on the more creative aspects of their projects.

“With the support of outstanding investors like Framework and Volt Capital, this funding brings us closer to redefining the gaming landscape,” said Lucas Fulks, CEO and co-founder of Hyve Labs. “Our mission is to create a gaming ecosystem that prioritizes player fun and engagement while empowering developers and creators to innovate without constraints.”

When will the testnet chain be released?

Hyve Labs has not yet revealed a specific date for the launch of the testnet chain, but has hinted that development is underway.

The company also unveiled its first game, ‘BitByte’, which will be released soon. More details on the release schedule, including testnet chains and games, will be released in the near future.

This pre-seed funding provides Hyve Labs with the resources to drive its vision for a decentralized gaming ecosystem and position itself for future growth in the web3 gaming sector.