Magify, a Cyprus-based Business Intelligence and LiveOps platform for game developers, has raised €1 million in funding from Steam Power Investments, founded by former executives of Melsoft. The new funding will support further product development, enhance AI features, and help Magify expand into new markets. This follows an earlier investment from Narwhal Accelerator in June.
In recent years, the mobile gaming industry has seen a growing trend of standalone analytics platforms entering the market, driven by the need to improve game studios’ business efficiency (user acquisition, retention and monetization), as well as the growing demand for precise data-driven decision-making.
Game studios recognize the immense value of leveraging advanced analytics to optimise game performance and player engagement. These platforms provide comprehensive insights and relieve studios from the burden of spending significant resources on integrating siloed data from various sources or building costly in-house systems. Despite this, these platforms often cover just a few different aspects of game management, such as Live Operations (LiveOps), marketing, and monetization.
Magify solves this problem by providing a pay-as-you-go end-to-end platform that combines Business Intelligence and LiveOps tools. The platform allows game studios to make better, data-driven decisions, optimize resources, and cut costs by 10x-30x compared to building internal systems.
Magify’s platform simplifies the process of analyzing game performance and marketing effectiveness. By taking advantage of the platform’s integrated tools for financial planning, user segmentation, and product development, studios can significantly reduce costs and time-to-market. The result is improved revenue per user, lower user acquisition (UA) costs, and more efficient development cycles.
The platform is already being used by studios to track marketing campaigns, run in-game tests, and remotely manage key aspects of game design like monetization. All data is presented on an easy-to-understand dashboard, making it accessible to everyone on the team—from executives to game designers.
Magify was founded by Evgeniy Kurenkov, who previously built game studio Epic Star Games and mobile app company Rocket Science. The platform is being developed by Magify’s international team of over 30 employees, mainly developers, data engineers, and configuration managers.
Evgeniy Kurenkov, Founder and CEO of Magify, commented: “We want studios of all sizes to have equal opportunities to compete because, ultimately, we want more great games to thrive and succeed. This investment will accelerate our expansion into global markets, allowing us to support a broader spectrum of game studios, from indie developers to industry giants. We're not just building a tool; we're creating the backbone of the next generation of gaming”.
This vision gained the support of Steam Power Investments co-founders Andrei Yarantsau and Alexander Shilyaev. Both are experts in the gaming industry, previously holding the roles of CEO and COO, respectively, at casual games studio Melsoft, which was acquired by Moon Active in 2020 during their tenure.
"Achieving success in gaming is hard, but maintaining it is even harder. The key to success lies in making informed decisions about your audience's behavior,” says Steam Power Investments co-founder Andrei Yarantsau. “Over the decade of developing our own games, we made many attempts to find ready-made game analytics, but we always ended up creating custom backend solutions. In Magify, we finally found an external tool that not only meets our requirements but far exceeds them. We see great opportunities for cooperation between our current and future portfolio companies that develop games and Magify, which will help them reduce costs and maximize efficiency.”
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