Firefall developer Red 5 Studios secures $23m

Firefall developer Red 5 Studios has secured $23 million in series B funding.

The free-to-play MMO outfit is currently working on adding new features to the title, still in beta, such as open-world PVP. Acting CEO James Macauley said the investment would be used to ensure it could complete its plan for a fall launch of the game this year.

Chinese firm Shangahi Oriental Pearl Culture Development Co has also purchased 20.01 per cent of Red 5 as part of the funding round. Publisher The9 has said it still retains one of its subsidiaries despite the deal.

“This additional round of funding will offer us the means to execute on our plan for successfully launching Firefall in 2014,” said acting Red 5 Studios CEO James Macauley.

“This is the year Firefall takes flight. The entire Red 5 tribe is focused on creating top quality content that will take Firefall to the next level and we are excited for this next stage of development.”

The news comes after former CEO Mark Kern was ousted from the company’s board, and has since officially left the company completely after resigning. He was replaced as chief exec by VP of development James Macauley.

In September, Red 5 Studios laid off ten per cent of its workforce.