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Video Game Engine Maker Unity Raises $400 Million as It Expands to VR

San Francisco-based video game engine maker Unity Technologies has raised a new $400 million round of funding from Silver Lake Partners, both companies announced late Wednesday. The investment values Unity at $2.6 billion, according to a Bloomberg report.

Unity is best known for providing the game engine, which is basically the underlying code that games run on, for a number of major mobile games. 2.4 billion mobile devices currently have games installed that have been built with Unity, and the company saw some 5 billion downloads of Unity-powerd games in Q3 of 2016 alone.

However, Unity has in recent years expanded beyond mobile platforms, and now allows developers to also build titles for devices like Sony’s PlayStation, Microsoft’s Xbox  and even Apple TV.

In addition, Unity has made a major push to expand into augmented and virtual reality. 90 percent of all games for Samsung’s Gear VR headset have been made with Unity, according to company estimates. To further its footprint in this space, Unity recently hired VR pioneer Tony Parisi as its head of VR and AR strategy.

Unity CEO John Riccitiello told Bloomberg that a major part of the new fundraise is for employee retention, whereas the rest would be used as a safety net to allow for further growth. Altogether, Unity has raised close to $690 million thus far.

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