PHȲND Raises $10M Oversubscribed Seed Round for Revolutionary Free Smart TV Gaming Platform
Summary
Co-founded by tech and media innovator Andr\xe9 Swanston, PHND is poised to make high-quality gaming universally accessible by offering a free-to-play experience on smart TVs and other connected devices. Advances in cloud-computing technology and the proliferation of high-speed internet are driving this market, which is projected to grow at a staggering 38% compound annual rate from 2024 to 2032, according to Fortune Business Insights. Currently, video games played on a TV or large screen generate only about 7% of their revenue from ads or sponsors, compared to 50% for the broader media sector. At the same time, PHNDs analytic and marketing tools enable studios and publishers to engage and retain these potential gaming audiences more efficiently than across legacy distribution methods. "Were excited to support the PHND team in reshaping the gaming experience, and creating powerful new opportunities for players and developers," added Jackson Cummings, Head of Wellington Access Ventures.