Vermila Studios
Vermila Studios is a boutique Madrid-based video game developer that builds Unreal Engine 5 AA horror games and provides outsourced 2D/3D art and animation services to major studios, serving individual gamers via its debut title Crisol: Theater of Idols.
- Company typePrivate
- Founded2017
- HeadquartersMadrid, Spain
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Vermila Studios does
Vermila Studios (legal entity: VERMILA STUDIOS S.L.) is a privately held boutique video game development studio headquartered in Madrid, Spain, with 1-10 employees. The company operates two business lines: development of its own intellectual property video games and outsourced high-end 2D, 3D, animation, and tech art services to other major studios worldwide. Its flagship own-IP product, Crisol: Theater of Idols, is an Unreal Engine 5 AA first-person survival horror adventure released in February 2026 on PlayStation 5, Xbox Series X/S, and PC via Steam, published by Blumhouse Games. The game is set in a nightmarish version of Spain inspired by 20th-century Spanish folklore, featuring a distinctive combat mechanic in which players sacrifice their own blood as ammunition to defeat living statues of saints. Vermila monetizes primarily through one-time-purchase video game sales distributed via major digital storefronts to individual consumers in the horror gaming segment. The company is awardee of an Epic MegaGrant and holds a Spanish Government PYME INNOVADORA certification valid through June 21, 2027, supporting its R&D and development activities.
The company has no disclosed institutional investors, parent entity, or M&A activity. Its go-to-market relies on Blumhouse Games for publishing reach, earned media coverage in outlets such as Deadline and Variety, and organic social channels (Twitter, Facebook, Instagram) plus its own website. Vermila's stated ambition is to develop Crisol into a broader game "universe," suggesting potential franchise expansion beyond the debut title. With no disclosed revenue figures, funding amounts, or headcount growth data, the financial trajectory of the company cannot be confirmed from public sources.
Vermila Studios firmographics
Firmographics- Name
- Vermila Studios
- Legal name
- VERMILA STUDIOS S.L.
- Website
- https://vermila.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Vermila Studios is a boutique Madrid-based video game developer that builds Unreal Engine 5 AA horror games and provides outsourced 2D/3D art and animation services to major studios, serving individual gamers via its debut title Crisol: Theater of Idols.
- Ownership category
- akta.pro rank
Vermila Studios industry classification
Industry- Product category
- Survival Horror Video Games
- NAICS
- Independent Artists, Writers, and Performers (7115)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Narrative/Adventure & RPG Game Studios (MPAFAAAL)
- akta.pro secondary industry
- Outsourced Art/Audio Production Services (2D/3D, Animation, VFX, Audio/VO) (MPAFAKAM)
Keywords
Where Vermila Studios is headquartered
LocationHeadquarters
- HQ city
- Madrid
- HQ country
- Spain
- HQ region
- Europe
Offices1 record
Markets served
Vermila Studios business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Video Game Sales: Vermila Studios generates revenue through the direct sale of their video game Crisol: Theater of Idols as a one-time purchase on PlayStation 5, Xbox Series X/S, and PC platforms.
- Outsourced Art Services: The studio outsources high-end 2D, 3D, animation, and tech art services to other major studios worldwide, providing an additional revenue stream.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Vermila Studios product offering
Product offeringCore offering
Vermila Studios is a boutique video game studio that develops and publishes its own games, with its debut title Crisol: Theater of Idols — an Unreal Engine 5 AA first-person survival horror adventure inspired by 20th-century Spanish folklore. In parallel, the studio provides outsourced high-end 2D, 3D, animation, and tech art services to other major game studios worldwide.
Product overview
Vermila Studios is a boutique video game studio that creates projects and outsources high-end 2D, 3D, animation, and tech art services to other major studios worldwide. The company's flagship product is "Crisol: Theater of Idols," an Unreal Engine 5 AA first-person survival horror adventure developed in collaboration with Blumhouse Games. The studio was awardee of an Epic MegaGrant and is working on establishing a universe born from their creative fire.
Differentiator
Problem solved
Functional benefit
Products and services
- Crisol: Theater of Idols An Unreal Engine 5 AA first-person survival horror adventure set in Tormentosa, a mysterious town hidden in the dark areas of Hispania. Players explore a nightmarish version of Spain inspired by 20th-century Spanish folklore, sacrificing their own blood as ammunition to defeat living statues of saints. Released on PlayStation 5, Xbox Series X/S, and PC via Steam.
- Outsourced 2D, 3D, Animation, and Tech Art Services Professional outsourced high-end 2D, 3D, animation, and tech art production services provided by Vermila Studios to other major game studios worldwide. Delivered by the boutique studio's team using Unreal Engine 5 and related production pipelines.
Quantifiable outcome
- Crisol: Theater of Idols released on PlayStation 5, Xbox Series X/S, and PC via Steam in February 2026
Companies that use Vermila Studios
Customer profileSegments2 records
Ideal customer profiles2 records
Vermila Studios technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Vermila Studios partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Blumhouse GamescoreBlumhouse Games served as the publisher for Crisol: Theater of Idols, collaborating with Vermila Studios on the development and release of the horror video game. This partnership provided publishing support and distribution through Blumhouse's established horror gaming brand.
Scale indicators1 record
Recent moves5 records
Expansion highlights4 records
Vermila Studios competitors and assessment
Company assessmentDirect peers
- Red Barrels: Small Montreal-based indie studio focused exclusively on the survival horror genre (Outlast series). Closely comparable to Vermila as a boutique studio specializing in horror IP with multiple platform releases.
- Frictional Games: Swedish boutique studio behind the Amnesia and SOMA franchises, pioneering first-person horror on PC. Highly comparable as a small, culturally-rooted European team building niche horror IPs with strong narrative identity.
- Bloober Team: Polish studio specializing in psychological and survival horror (Layers of Fear, The Medium, Silent Hill 2 remake). Directly comparable as a Europe-based horror-focused developer that scaled from indie to AAA partnership.
Emerging players
- Tarsier Studios: Swedish boutique studio behind the Little Nightmares series, a small team producing atmospheric horror-adjacent platformers. Closely comparable in scale, regional context, and atmospheric-narrative horror positioning.
Regional players
- MercurySteam: Madrid-based studio and one of Spain's most prominent independent developers (Castlevania Lords of Shadow, Metroid Dread). Comparable as a Spanish-headquartered studio that evolved from outsourcing services to original AAA IP development.
Broad incumbents
- Supermassive Games: UK-based developer known for narrative horror (Until Dawn, The Dark Pictures Anthology). Comparable as a larger horror-specialist with multi-platform releases, but operating at meaningfully larger scale than Vermila.
- Tango Gameworks: Japanese studio behind The Evil Within and Hi-Fi Rush, now under Microsoft ownership. Comparable as a mid-size studio building atmospheric horror IPs and partnering with major publishers.
- Capcom: Japanese publisher-developer whose Resident Evil franchise defines the survival horror genre. Indirect competitor in the same horror target market; representative of the AAA incumbents Vermila must differentiate against.
Others
- Saber Interactive: Major co-development and porting studio that acquires and partners with smaller developers. Comparable as a peer in game development services (co-dev, porting) and a potential strategic partner or acquirer for small studios like Vermila.
- Keywords Studios: Global game services platform providing art, animation, and localization across the gaming industry. Comparable to Vermila's outsourced art services arm and the natural ecosystem competitor for high-end art outsourcing revenue.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Vermila Studios social profiles
Digital presenceVermila Studios compliance and trust
Trust signalCompliance1 record
Vermila Studios financial estimates
Financial estimateRevenue estimate
Valuation estimate
Vermila Studios leadership team
Management profileNumber of profiles
Profiles1 record
Vermila Studios funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Vermila Studios M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Vermila Studios
What does Vermila Studios do?
Vermila Studios is a boutique video game studio that develops and publishes its own games, with its debut title Crisol: Theater of Idols — an Unreal Engine 5 AA first-person survival horror adventure inspired by 20th-century Spanish folklore. In parallel, the studio provides outsourced high-end 2D, 3D, animation, and tech art services to other major game studios worldwide.
Is Vermila Studios a public or private company?
Vermila Studios is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Vermila Studios founded?
Vermila Studios was founded in 2017. It employs 1 to 10 people.
Where is Vermila Studios based?
Vermila Studios is headquartered in Madrid, Spain, in the Europe region.
How does Vermila Studios make money?
Two revenue lines are on record. Video Game Sales are the primary driver. The others are outsourced Art Services.
Who are Vermila Studios's main competitors?
Direct peers on record are Red Barrels, Frictional Games and Bloober Team. Tarsier Studios is listed as an emerging player. MercurySteam is listed as a regional player. Broad incumbents are Supermassive Games, Tango Gameworks and Capcom. Others are Saber Interactive and Keywords Studios.
Does Vermila Studios have an API?
No public API is recorded for Vermila Studios.
What industry is Vermila Studios in?
Vermila Studios's product category is Survival Horror Video Games. Its primary akta.pro industry code is MPAFAAAL, Narrative/Adventure & RPG Game Studios, with a secondary code of MPAFAKAM, Outsourced Art/Audio Production Services (2D/3D, Animation, VFX, Audio/VO). Its NAICS code is 7115 and its SIC code is 7372.