$1.5m to fund Riot

The studio has also taken on a number of key execs. Brandon Beck, former media and technology consultant from Bain & Company, joins as new chief executive officer. Former Advanstar Communications manager of corporate marketing, Marc Merrill, joins as president and chief marketing officer. Meanwhile William Petro, who was a lead programmer for Westwood Studios’ Command & Conquer Red Alert, takes the role of chief technology officer and executive producer.

The team’s first project will be formally announced next year.

"Tremendous opportunities continue to emerge in the games industry as distribution and business models continue to evolve," commented Brandon Beck, Riot Games’ CEO.

"Riot is focused on building content that can capitalize on the opportunities afforded by the platform transition and the changing dynamics of the marketplace."

"Our team is made up of successful and respected industry veterans who all share a passionate vision of our company’s potential," said Marc Merrill, president and chief marketing officer of Riot Games.

"Riot is committed to delivering innovative products of the highest quality that focus on gameplay and replayability in order to build deep, ongoing relationships with gamer communities. With our proven development methodologies, independent status and highly experienced team, we believe we are well positioned to push the envelope in a variety of areas."