Player X secures USD 7 million investment

London-based mobile games publisher and distributor Player X has announced that a total of USD 7 million has been raised through its first round of venture capital funding.

Player X also confirmed that Nick Alexander, formerly of Sega, has been appointed chairman, while Fox Kids Europe founder Ynon Kreiz has been made a non-executive board member.

The investment includes funds from venture capitalists Arts Alliance and sports rights company Bullion International, which was also founded by Kreiz. According to an official statement, the money raised will be used to "aggressively build Player X's mobile games publishing business and to move into other mobile entertainment areas."

The company also plans to expand globally by continuing to open regional headquarters, such as its Beijing office, which was established back in July. Player X plans to announce the opening of further regional hubs shortly.

"This is great news for the company and takes us to the next stage of growth. Having Nick Alexander and Ynon Kreiz on our board is a huge boost for us and we are looking forward to adding more mobile entertainment products to our quality games output," said Player X CEO Tony Pearce.

"We are excited to support the company's continued rapid growth in this market and its extension into other areas of mobile entertainment such as video," commented Arts Alliance's Adam Valkin.

"One of Bullion International's objectives has to be to invest in a mobile entertainment company that has a global reach," added Ynon Kreiz.

"Our sports rights and Player X' experience in the mobile space make for a very good team."