Vivid Games has received a notice of withdrawal of Fast Track financing. The Company will assert its rights and has a Plan B in store.
Vivid Games has received a notice of withdrawal of Fast Track financing.
The Company will assert its rights and has a Plan B in store.
Yesterday, at the end of the day, the Company received information from NCBiR about the withdrawal of funding awarded in the Fast Track Programme, for the technology project, which has been underway since December 2022. The situation is surprising, to say the least, as NCBiR entered into a funding agreement with Vivid Games in February. According to the Company, there are no grounds for its termination.
Vivid Games is implementing a project under the Fast Track program entitled. "Prototype of a platform for automating the generation, gameplay, and difficulty determination of blast levels, based on AI and Machine Learning." Due to an audit at the NCBiR, no advances or even reimbursement of expenses incurred under the contract have been paid to date. In the post-inspection ranking list published by NCBiR on May 9, Vivid Games' project appears as selected for funding.
"I am surprised by the laconic information provided by NCBiR about the withdrawal of funding for our project. We do not know on what legal or factual basis the institution took such steps. We're convinced that the audit merely postpones the funding that is guaranteed to us by the agreement with NCBiR concluded in February. We're analyzing our options and what will be most beneficial for the Company in the current situation. After receiving detailed explanations, we will decide on the further fate of the project and the steps we should take towards NCBiR" - emphasis Piotr Gamracy, CEO of Vivid Games. "We have, of course, prepared alternative scenarios, and from them we will choose plan B, the best one for the Company. The implementation of the key assumptions of the strategy is not at risk. Work on Real Boxing 3 and the development of the existing portfolio, including Real Boxing 2, Eroblast, and Knights Fight 2, which are currently in their best shape in many months, will proceed without interruption. The same will be with the search for strategic partners" - Gamracy adds.