Incuvo

What Incuvo does

Incuvo S.A. is a Polish game development studio headquartered in Katowice that specializes in adapting PC and console titles into VR experiences and producing original VR games. Founded in 2012 as a mobile and console studio, the company pivoted exclusively to VR around 2020. Its core product line consists of platform-spanning VR ports — Layers of Fear VR, Blair Witch VR, Green Hell VR, Bulletstorm VR — developed under license from IP owners including Bloober Team, Creepy Jar, and People Can Fly (PCF Group). Original-IP titles include Bloxer (VR fitness), Pirates VR: Jolly Roger, and TRACKED: Shoot to Survive.

Incuvo's underlying technology is a proprietary VR adaptation pipeline, including "Human in Virtual Reality" technology funded by NCBiR (PLN 3.9M EU co-financing, PLN 6.5M total project value), which supports flat-to-VR transformation with natural movement, hand tracking, and visual optimization across Meta Quest, SteamVR, PlayStation VR2, Pico, and HTC Viveport. The studio also offers VR porting, original VR development, and end-to-end studio support services to third parties.

Commercially, Incuvo generates revenue through one-time game sales on platform storefronts, work-for-hire commissions (notably Project Bison from PCF Group), and IP licensing/co-publishing arrangements with rights holders. Since its January 2021 IPO on the Warsaw Stock Exchange NewConnect (ticker INC), PCF Group S.A. has held 62.11% of shares, making Incuvo a controlled subsidiary within the People Can Fly group. Reported FY2024 revenue was PLN 14.9M (down from PLN 20.5M in 2023), with the company posting a net loss of PLN 2.6M. Following PCF Group's March 2025 decision to gradually exit VR publishing, Incuvo suspended its 2024 strategy and is operating under strategic review.

Name

Incuvo

Legal name

Incuvo S.A.

Website

https://incuvo.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Incuvo is a Polish VR game studio based in Katowice that ports PC and console titles to VR and develops original VR games, serving IP holders such as Bloober Team, Creepy Jar, and People Can Fly. Listed on Warsaw NewConnect (ticker INC) and majority-owned by PCF Group S.A.

Ownership category

akta.pro rank

Product category

VR Game Development & Publishing

akta.pro primary industry

VR/AR/XR Game Studios (MPAFAAAE)

akta.pro secondary industry

VR/AR Game Publishing & Distribution (MPAFABAK)

Keywords

• VR game development
• VR game porting
• Virtual reality games
• VR adaptation services
• VR game publishing

Headquarters

HQ city

Katowice

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. VR Game Sales: Incuvo generates revenue through direct sales of VR games on platform storefronts including Meta Quest, Steam, PS VR2, Pico, and HTC Viveport. Games include proprietary titles and co-developed works. Revenue from Green Hell VR sales declined from PLN 20.5M in 2023 to PLN 14.9M in 2024.
2. Work-for-Hire / Contract Development: Incuvo receives payment for VR development work commissioned by PCF Group S.A. and other partners. Project Bison is being developed on commission for PCF Group S.A. Historically, the company received PLN 3.9M+ for Medieval Dynasty VR adaptation from Spectral Games.
3. IP Licensing and Co-Publishing: Incuvo adapts well-known IPs for VR in partnership with IP owners (Bloober Team for Layers of Fear VR and Blair Witch VR; Creepy Jar for Green Hell VR; People Can Fly for Bulletstorm VR), sharing revenue or receiving development fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Incuvo is a Polish VR game development studio that develops and publishes its own VR games and offers VR game porting and development services. The studio's proprietary titles include Green Hell VR, Bloxer, Pirates VR: Jolly Roger, TRACKED: Shoot to Survive, Bulletstorm VR, Blair Witch VR, and Layers of Fear VR, distributed on Meta Quest, SteamVR, PS VR2, Pico, and HTC Viveport. Incuvo also ports flat games to VR, creates original VR games from well-known IPs, and provides full production support to other studios from pitch deck through post-launch.

Product overview

Incuvo is a Polish VR game development studio offering a portfolio of proprietary VR games and porting/development services. Their core product portfolio includes Green Hell VR (survival game), Bloxer (VR fitness game), Pirates VR: Jolly Roger (pirate adventure), TRACKED: Shoot to Survive (survival shooter), Bulletstorm VR (action shooter), Blair Witch VR (psychological horror), and Layers of Fear VR (psychedelic horror). These games are available across major VR platforms including Meta Quest, SteamVR, PlayStation VR2, HTC Vive, and Pico. In addition to their own IP, the studio offers three service lines: VR game porting (transforming flat games to VR), original VR game development (creating new games from known IPs), and studio support services (full production assistance for other studios). The company operates as part of the People Can Fly group, with PCF Group S.A. as majority shareholder since late 2021.

Differentiator

Problem solved

Functional benefit

Products and services

• Green Hell VR Open-world survival VR game set in the Amazon rainforest where players learn real-life survival techniques, craft weapons, hunt, build shelters, and fight to survive while uncovering the mystery of their missing companion. Available on Meta Quest, SteamVR, PS VR2, Pico, and HTC Viveport.
• Bloxer VR fitness game combining classic match-4 puzzle mechanics with physical punching movements. Players compete in lobbies of up to 9 players online, using uppercut, jab, and punch movements to align blocks and trigger combos. Available on Meta Quest 2, Quest Pro, Quest 3 and 3S.
• Pirates VR: Jolly Roger First-person action-adventure VR pirate game set in Caribbean tropics. Players pursue Davy Jones' treasure, fight cursed pirates and undead skeletons, solve puzzles, and navigate tropical islands with a sarcastic parrot companion. Co-developed with Split Light Studio.
• TRACKED: Shoot to Survive Single-player VR action-survival shooter set in Canadian wilderness. After surviving a plane crash, players must fight, hunt, craft, and explore to survive and rescue their sister from drug smugglers.
• Bulletstorm VR VR adaptation of People Can Fly's cult-classic shooter. Players control Grayson Hunt in fast-paced first-person shooter with skillshot system redesigned for VR. Features Horde Mode and released on PSVR2, Meta Quest 2, Steam VR and PICO 4/4 Ultra.
• Blair Witch VR Psychological horror VR game based on the Blair Witch cinematic franchise. Players take on the role of Ellis, a former police officer with a troubled past, searching for a missing boy in Black Hills Forest with their K-9 companion Bullet. Named one of top 25 VR games of Winter 2020 by Upload VR.
• Layers of Fear VR Psychedelic horror VR game where players explore a constantly changing Victorian mansion as an insane painter seeking to complete his magnum opus. Features immersive VR controls and interactive environment elements, adapted from Bloober Team's Layers of Fear.
• VR Game Porting & VR Development Services Service portfolio transforming PC and console games into fully immersive VR experiences, creating original VR games based on well-known IPs, and providing full production support to other VR studios from pitch deck through post-release. Services include natural movement and hand tracking mechanics, visual enhancements for VR immersion, and optimization across Meta Quest, SteamVR, and PS VR2 platforms.

Quantifiable outcome

• Green Hell VR reached #48 best-selling Meta Quest game of all time
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Split Light StudiocoreStrategic or Co-development Partner · 1 June 2023Split Light Studio co-developed Pirates VR: Jolly Roger with Incuvo. The original game was created by Split Light Studio and Incuvo handled the Meta Quest port. The game launched on Meta Quest 3 and 3S in February 2026.
• People Can FlycoreStrategic or Co-development Partner · 1 June 2023People Can Fly co-developed Bulletstorm VR and TRACKED: Shoot to Survive with Incuvo. People Can Fly provided publishing support for TRACKED: Shoot to Survive. A new project agreement (Project Bison) was signed in November 2023.
• Bloober TeamcoreStrategic or Co-development Partner · 1 April 2021Bloober Team is the IP owner of Layers of Fear and Blair Witch. Incuvo licensed these IPs to create VR adaptations — Layers of Fear VR and Blair Witch VR — which Incuvo developed and published on VR platforms.
• Creepy Jar S.A.coreStrategic or Co-development Partner · 1 April 2021Creepy Jar S.A. is the developer of the original Green Hell flat game. Incuvo partnered with Creepy Jar to develop Green Hell VR, the VR adaptation. Incuvo received PLN 3.9M+ in NCBiR funding for the VR adaptation technology development. An amendment to the cooperation agreement was signed in March 2025.
• Spectral Games S.A.minorStrategic or Co-development Partner · 1 April 2021Incuvo subsidiary Spectral Games acquired Medieval Dynasty from Render Cube for VR adaptation. Incuvo received over PLN 3.9M for the VR transformation technology under the agreement with Render Cube. Spectral Games was later sold by Incuvo in 2022.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/createrria
• YouTubeyoutube.com/user/incuvotube
• Facebookfacebook.com/Createrria
• LinkedInlinkedin.com/company/3073898
• Instagraminstagram.com/incuvogames

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors3 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 Incuvo