A couple of former major players at Riot Games that left the League of Legends developer have gone on to launch their own new studio in The Believer Company today. The studio launched with a secured $55 million USD in funding and is said to be putting that funding to work on an open-world multiplayer project set in a new IP. The new studio is also hiring to pursue its vision.

The Believer Company announced its launch with a press release and the opening of its website on March 7, 2023. The group is helmed by Michael Chow, who will act as its CEO. Chow was previously a Vice President at Riot Games, also serving as executive producer on League of Legends mobile spinoff, Wild Rift, before his exit. He is joined by Riot Games founding member and fellow former executive producer Steven Snow, who will take up Believer’s Chief Product Officer role.

The launch of The Believer Company comes with a round of successful funding. The $55 million that will fund the studio’s initial efforts came notably from Andreesen Horowitz (a16z), with additional seed funding provided by Bitkraft Ventures, 1Up Ventures, Don Thompson’s Cleveland Avenue, Michael D. Eisner’s Tornante Company, and even Riot Games itself, just to name a few.