What Mundfish does

Mundfish is a privately held game development studio best known for Atomic Heart, a first-person action-adventure title released in February 2023 that won the Steam Awards 2023 for Outstanding Visual Style and surpassed 10 million players by May 2025. The studio operates under Cyprus-domiciled legal entity Slimao Ltd., with global headquarters in Nicosia and additional development hubs in Abu Dhabi (UAE) and Yerevan (Armenia). The portfolio spans action RPG, multiplayer shooter, and survival horror genres, unified under the shared "Atomic Universe" IP and a newly launched "Powerhouse" publishing label.

Mundfish's business model centers on premium-priced, one-time-purchase game titles distributed across PC (Steam), PlayStation (PS4/PS5), and Xbox (Series X/S, One) platforms, supplemented by DLC packs, Atomic Universe IP licensing (including merchandise), and direct-to-consumer sales through its own atomic.mundfish.com storefront. In June 2025, the studio materially expanded its product surface by announcing three new titles — Atomic Heart 2 (action-adventure RPG sequel), The CUBE (multiplayer RPG shooter), and ILL (first-person survival horror developed with Team Clout under the Powerhouse label) — effectively tripling its development pipeline.

The company serves consumer gaming audiences globally, with go-to-market driven by Steam wishlist campaigns, event-based announcements (Summer Game Fest 2025), a 100K+ Discord community, and broad social channel presence. Technology and distribution leverage is anchored by core partnerships with Microsoft and NVIDIA, complemented by a strategic capital and publishing relationship with Tencent. Disclosed funding totals $16M across two rounds (2019 and 2021, both led by GEM Capital, with Tencent joining the 2021 round). No revenue figure is publicly disclosed; scale signals are the 10M Atomic Heart players, 5M+ portfolio Steam wishlists, and ILL's #17 ranking among Steam's top 150 most-wishlisted games.

Name

Mundfish

Legal name

Slimao Ltd.

Website

https://mundfish.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

Mundfish is a Cyprus-headquartered game development studio behind the Atomic Heart franchise, with 10M+ players and Steam Awards recognition. The studio develops premium action RPG, multiplayer shooter, and survival horror titles for Steam, PlayStation, and Xbox platforms.

Ownership category

akta.pro rank

Product category

Video Games

NAICS

Software Publishers (5132)

akta.pro primary industry

AAA & Premium Game Studios (PC/Console) (MPAFAAAA)

Keywords

• Video game development
• Action-adventure games
• First-person shooters
• Survival horror games
• Multiplayer RPG shooters

Headquarters

HQ city

Paphos

HQ country

Cyprus

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Game Sales: One-time purchase revenue from selling full game titles on PC and console platforms including Steam, PlayStation, and Xbox.
2. DLC/Expansions: Downloadable content and expansions for existing games, such as the four DLC packs released for Atomic Heart.
3. Licensing: Licensing of the Atomic Universe IP and related branding, including merchandise and other licensed products.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Mundfish develops, publishes, and distributes premium video games for PC and consoles, led by the Atomic Heart franchise and the broader Atomic Universe IP. Its portfolio spans single-player action-adventure RPGs (Atomic Heart, Atomic Heart 2), a multiplayer RPG shooter (The CUBE), and first-person survival horror (ILL). Titles are sold as one-time purchases on Steam, PlayStation Store, Xbox Marketplace, and the company's own storefront, supplemented by DLC packs and IP licensing.

Product overview

Mundfish is a game development studio that creates games across multiple genres. Their portfolio includes the flagship Atomic Heart franchise (action-adventure games), The CUBE (multiplayer RPG shooter), and ILL (survival horror). The company operates under the 'Powerhouse' label for select projects and has expanded the Atomic Universe across multiple titles. Games are distributed on Steam, PlayStation (PS4/PS5), and Xbox (Series X/S and One) platforms.

Differentiator

Problem solved

Functional benefit

Brands

• Atomic Universe: The overarching fictional universe/lore setting for Atomic Heart series and related titles, with dedicated lore website at ah.mundfish.com
• Powerhouse

Products and services

• Atomic Heart First-person action-adventure game set in an alternate-history utopian 1955 where humans lived in harmony with their robots until a system failure unleashed chaos; sold as a one-time purchase on Steam, PlayStation, and Xbox.
• Atomic Heart 2 Action-adventure RPG sequel to Atomic Heart, expanding the Atomic Universe with a living world, role-playing elements, player freedom, and a story that broadens to a global scale; planned for release on PC and consoles.
• The CUBE Multiplayer MMO RPG shooter set within the Atomic Universe, centered on a giant levitating Cube with rotating edges hiding a deadly equation; features unique world-building, quests, and constant progression.
• ILL Realistic first-person action survival horror game set in a dark fort overtaken by a mysterious entity, featuring a grim story, unpredictable monsters, visceral dismemberment system, and realistic physics.

Quantifiable outcome

• 10 million players achieved by Atomic Heart
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and flagship.

• MicrosoftcoreTechnology or IntegrationMicrosoft partnership provides development support, cloud infrastructure, and platform collaboration for game development and distribution through Microsoft platforms.
• NVIDIAcoreTechnology or IntegrationNVIDIA partnership provides graphics technology collaboration, optimization for NVIDIA hardware, and co-marketing opportunities for game titles.
• Team Clout StudioflagshipStrategic or Co-development PartnerTeam Clout is the development team behind ILL, the first title under the Mundfish Powerhouse label. They are horror experts who have collaborated with well-known directors and bring specialized expertise in creating intense horror experiences.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Ubisoft: Global AAA publisher of Far Cry, Assassin's Creed, and Rainbow Six, representing the broad-incumbent FPS/action benchmark against which premium mid-sized studios like Mundfish compete.
• id Software: American FPS heritage studio (DOOM, Quake) within ZeniMax/Bethesda, a broad incumbent defining the premium FPS category in which Mundfish competes.
• Larian Studios: Belgian developer of Baldur's Gate 3, a premium single-player RPG studio with comparable product-led Steam distribution and Steam Awards-style recognition.
• CD Projekt Red: Polish AAA RPG developer (The Witcher, Cyberpunk) and a benchmark for Eastern European premium single-player studios; broader scope than Mundfish but a relevant scale and regional comparable.

Direct peers

• Bloober Team: Polish developer of atmospheric first-person horror (Layers of Fear, The Medium, Silent Hill 2 remake), the closest direct comparable for Mundfish's ILL horror project under the Powerhouse label.
• 4A Games: Ukrainian-developed FPS/action studio behind the Metro series, structurally comparable to Mundfish as a mid-sized Eastern European/former-Soviet studio building premium single-player shooters with strong visual identity.
• Techland: Polish developer of Dying Light and Call of Juarez, a comparable mid-sized European FPS/action studio with open-world and survival experience relevant to Mundfish's The CUBE.
• Warhorse Studios: Czech studio behind Kingdom Come: Deliverance, a mid-sized European single-player action RPG with strong historical/alternate-history worldbuilding — directly comparable to Mundfish's Atomic Heart 2 design.
• Crytek: German studio behind Crysis, a premium PC/console FPS franchise with a distinctive visual and technical identity — a direct analog to Mundfish's retrofuturistic, tech-forward FPS positioning.
• GSC Game World: Ukrainian studio developing S.T.A.L.K.E.R. and Cossacks franchises, a former-Soviet FPS studio with comparable geographic and genre positioning to Mundfish.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/mundfish
• YouTubeyoutube.com/@Mundfish?sub_confirmation=1
• LinkedInlinkedin.com/company/mundfish
• Instagraminstagram.com/atomicheart_official
• TikToktiktok.com/@mundfishofficial
• Facebookfacebook.com/AtomicHeartOfficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mundfish