Refract secures over US$6 million in funding and announces new game development division

Singapore company behind innovative XR technology AXIS secures funding from Sea and other investors to continue developing multiple projects following the successful conclusion of its Kickstarter campaign

Singapore, January 25th 2022 – Singapore tech company Refract today announced it has secured over $6 million to continue the development of its AXIS motion capture technology, following the creation of an XR (extended reality) game development division. The Series A funding round saw investment from a number of investors anchored by Sea Limited. Today’s announcement comes after the successful conclusion of Refract’s crowdfunding campaign on Kickstarter for its innovative, wearable full-body motion capture technology, AXIS, and its acquisition of developer Deep Dive Studios. The addition of the Series A funding further enables Refract to establish itself as a major player in the global games market as a driver of growth in the XR and Metaverse space.

The $6 million investment enables Refract to continue delivering incredibly immersive and engaging XR and VR experiences to a growing global market of 2.9 billion gamers. Refract aims to do this through its games and technology products such as the wearable AXIS full-body tracker, which allows a high degree of accuracy and freedom of movement at an affordable price. 

The company’s recent acquisition of Deep Dive enables Refract to create more immersive titles to supplement its roster of offerings such as the FreeStriker fighting game currently in development. Now numbering over 50 employees, including veterans from Unity, EA, and Ubisoft, the company continues to be focused on growth and recruitment efforts, as it strengthens internal research and development capabilities.

Strategically, Refract is also eyeing more vertical and horizontal integrations in the sector, beginning with the establishment of a game publishing arm to help fuel the next stage of rapid growth.

“Refract’s goal has always been to become a key player in AR and XR gaming, and this funding enables us to accelerate this process,” said Michael Chng, CEO of Refract. “Sea and our other investors recognise the talent at Refract as well as the enormous potential of AXIS. The successful completion of the AXIS Kickstarter campaign proves that there is a dedicated community of gamers who share this vision, and we look forward to delivering AXIS and FreeStriker to them in 2022.”

“AXIS represents a huge step forward in bringing high fidelity motion tracking and capture technology to a broader audience; innovating within the space and delivering even more immersive gaming experiences,” said Chong Geng Ng, Executive Director of Refract. “Our investment reflects the strong belief Sea and our other investors have in our vision and creativity as well as the huge untapped potential of the XR gaming market.” 

“It is exciting to see a Singaporean company like Refract driving the development of innovative technologies in XR and VR,” said Jason Ng, Vice President, Strategic Partnerships, at Sea’s digital entertainment arm, Garena. “We are pleased to support their growth and the development of the overall innovation ecosystem in Singapore.”

Founded by tech and games industry experts in 2018, Refract has already secured strategic relationships with the likes of World Taekwondo as part of its virtual sports program, working with the federation to make Virtual Taekwondo a medal event in the near future. Refract also plans to feature AXIS at the 2022 Global Esports Games in Istanbul, Turkey.