Cyprus-based Magify raises $1.1 million in funding from Steam Power Investments

Cyprus-based gaming studio support platform Magify has raised $1.1 million in funding from Steam Power Investments for its business intelligence and live operations (LiveOps) for game studios.

Steam Power Investments is also based in Cyprus.

According to Magnify, its mission is to democratise access to high-level end-to-end business intelligence and LiveOps, making them available to small and mid-size gaming studios on a pay-as-you-go basis and fostering their growth.

Magify was founded by Evgeniy Kurenkov, who previously built game studio Epic Star Games and mobile app company Rocket Science. The platform is being developed by Magify’s international team of over 30 employees, mainly developers, data engineers, and configuration managers.

Evgeny Kurenkov, CEO of Magify, said in a statement, “We want studios of all sizes to have equal opportunities to compete because, ultimately, we want more great games to thrive and succeed. With this investment, we’ll enhance our platform to deliver even more advanced analytics, user segmentation, and monetisation tools. This will accelerate our expansion into global markets, allowing us to support a broader spectrum of game studios, from indie developers to industry giants. We’re not just building a tool; we’re creating the backbone of the next generation of gaming.”

According to the company, the money from Steam Power Investments will be used to fuel further product development, enhance Magify’s AI functionality, and expand into new markets. This follows a recent investment by Narwhal Accelerator in June.

The company’s vision more recently gained the support of Steam Power Investments co-founders Andrei Yarantsau and Alexander Shilyaev. Both are experts in the gaming industry, previously holding the roles of CEO and COO, respectively, at casual games studio Melsoft, which was acquired by Moon Active in 2020 during their tenure.

“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 behavior,” said Steam Power Investments cofounder Andrei Yarantsau, in a statement. “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.”