Uruguayan tech startup Abya Corp. plans to raise as much as $20 million from venture capital investors early next year to expand its cloud-based video gaming platform throughout Latin America. Meanwhile, Abya is also planning a fourth-quarter launch of its subscription service in five South American countries as it looks to boost its current $166 million valuation.
“Ideally, I’d like to do it two or three months after launching because that will have a very significant impact on the valuation,” said Waldemar Fernandez, Chairman and Co-Founder of Abya. “Our main concern right now isn’t so much profitability as accumulating markets and users,” Fernandez said. “I think profitability will come in a year and a half or two years because we are going to continue investing.”
Abya’s proprietary cloud gaming software allows subscribers to play their favorite video games from just about any web-connected device without having to pay hundreds of dollars for consoles. Abya struck an alliance with Nvidia this year to offer the chipmaker’s GeForce Now service featuring hundreds of AAA-rated games — the industry’s term for top-tier titles with the best graphics — for hardcore gamers. Abya manages its own catalog of third-party titles for casual and mid-core gamers
Abya signed a hosting agreement in July with Uruguay’s state-run telecommunications company Antel to serve major cities in Argentina, Brazil, Chile, Paraguay, and Uruguay. Several thousand of the more than 230,000 people already signed up for the service are using the beta version of Abya’s platform ahead of full deployment. Abya is negotiating hosting and connectivity services with several companies to offer cloud gaming in Central America and other South American countries during 2022, though the pace of expansion will depend on the availability of servers amid a global shortage of computer chips.
(All information was provided by Bloomberg)
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