TheGamingEconomy’s Daily Digest brings you the prevalent business stories in gaming. In today’s news: Amazon launches cloud gaming platform; Spectrum Labs raises USD$10m (£7.8m); and EG7 in SEK429m (£37.1m) share issuance.

Amazon launches cloud gaming platform

Amazon has announced that it will launch its long-rumoured cloud gaming platform, dubbed Amazon Luna. Initially the service will be available on Fire TV, PC, Mac, and Apple mobile, devices, using existing peripherals or a dedicated Luna controller. Alongside launch titles such as Resident Evil 7 (Capcom) and Control (505 Games), Amazon has brokered a strategic partnership with Ubisoft, which will see the French publisher's titles listed in a dedicated gaming channel.

Unsurprisingly, Amazon will leverage its Twitch streaming service for added user functionality, with players able to launch Luna titles directly from Twitch as well as view popular streams for a game within Luna. The early-access trial period will be available to US-based customers with an initial monthly price of USD$5.99 (£4.70). After a turbulent entry into the video games market, with its first-party Crucible title pulled from digital storefronts following poor reviews and a small player-base, and repeated delays to its New World MMO, Amazon executives will be looking for early momentum for the new service as it seeks to rival Google's Stadia and Microsoft's Project xCloud platforms.

Commenting on the launch of the platform, Marc Whitten, Vice President of Amazon Entertainment Devices and Services, wrote, "We created Luna to make it easy to play great games on the devices customers already own and love. It’s Day One for Luna—we are excited to work with gamers, streamers, and publishers like Ubisoft and Remedy Entertainment to build a great gaming experience for everyone."

Spectrum Labs raises USD$10m (£7.8m)

Spectrum Labs, an AI technology and services provider which aims to combat toxic online behaviour across verticals including gaming and dating, has raised USD$10m (£7.8m) in a Series A round led by Greycroft. The investment was supported by Wing Venture Capital, Ridge Ventures, Global Founders Capital, and Super{set} Venture Studio. The Spectrum Labs platform can be used to identify occurrences of over 40 types of toxic behaviours including hate speech, illegal solicitation, and grooming, with current clients including Riot Games. To-date, the San Fransisco-based firm has raised USD$13m (£10m) since its foundation in 2016.

Justin Davis, Spectrum Labs CEO, commented, "The online toxicity problem is massive, growing, and a huge strain on companies dealing with thousands of incidents per day with outdated tools. Toxic behaviour has outpaced brands’ ability to accurately recognise and respond in real time to every threat. It’s hurting their communities and destroys trust in the Internet. Consumers are demanding a higher quality experience, and brands who can deliver on this expectation will be market leaders. Right now, safeguarding the user experience from toxicity has to be every consumer-facing brand’s top priority."

EG7 in SEK429m (£37.1m) share issuance

Video game holding company Enad Global 7 (EG7) has announced the direct issuance of 8,747,131 shares, netting the Stockholm-based firm approximately SEK429m (£37.1m). The shares were bought by new investors including TIN fonder and Creades, alongside existing domestic and international shareholders. The injection will be used to strengthen the company's financial position and support its acquisition strategy.

Last month, EG7 announced the purchase of Canadian mobile developer Big Blue Bubble for a maximum total consideration of CAD$76m (£44m). The holding group, which also reported a year-over-year revenue increase of 1014% in the quarter ended 30th June 2020, completed an earlier share issuance of SEK119m (£10.3m) in April this year.

At the time of writing, Enad Global 7 AB (EG7:SS) share price is up 9.86% at SEK62.40 (£5.39).