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Epic Games receives $1 billion in latest round of funding

Sony has invested a further $200 million into the company

Epic Games has received $1 billion in its latest round of funding, including $200 million from Sony.

The company’s Unreal Engine technology is leading the rise of virtual production in the media and entertainment industry.

Epic said the new financing values it at $28.7 billion.

Sony acquired a $250 million minority stake in Epic Games last year. In a regulatory filing, the tech giant said “by strengthening the already close relationship between the two companies through this additional investment, Sony will further promote efforts across the Sony Group’s businesses to explore collaborative opportunities leading to new value creation, and strive to accelerate business expansion in the area of entertainment.”

“Epic continues to deliver revolutionary experiences through their array of cutting edge technologies that support creators in gaming and across the digital entertainment industry,” said Kenichiro Yoshida, chairman, president and CEO of Sony Group. “We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology.”