IKINA GAMES

What IKINA GAMES does

IKINA GAMES (주식회사 이키나게임즈) is a Seoul-based independent game development studio founded in 2011 that develops and publishes multi-platform games for mobile, VR, console, and PC. The studio employs approximately 27 people (as of 2018 disclosure) and operates from its headquarters in Mapo-gu, Seoul, under founder and CEO Bae Jun-ho (배준호). Its portfolio spans mobile collection RPGs based on licensed Japanese manga IPs (Saint Seiya: Party Battle, Fairy Tail: Extreme Magic, Muscle Man Goku Mahoranbu), platformer action games (Galaxy Tales, The Ramsey, Telebbit), visual novels (All of Us Are Dead, The Shadows of Fallen City), VR titles (Cubians VR), and original IPs such as the upcoming mecha JRPG Starbites.

The company's core technology is a multi-platform game development engine enabling releases across iOS, Android, PS4/PS5, Nintendo Switch, Xbox, PS4 VR, and Steam with consistent product output of approximately 2-3 titles per year. Custom creative assets include the Ramche retro pixel font developed for The Ramsey and novel gameplay mechanics like Galaxy Tales' hair-based action system. Its revenue model combines direct-to-consumer sales through app stores and digital storefronts (one-time premium purchases and in-app purchases in mobile RPGs) with IP licensing and co-development revenue from major Japanese IPs and publisher partnerships. Distribution leverages both self-distribution on global digital platforms and regional publisher partnerships with NIS America (North America/Europe for Starbites), Sankei Digital's HYPER REAL label (Japan/global for Telebbit), Smilegate Stove Indie (Korea for All of Us Are Dead), Naver Webtoon (webtoon IP partnerships), and formerly Game Freak (Little Town Hero co-development).

The company serves two primary customer bases: (1) end-consumer gamers across mobile, console, PC, and VR platforms globally, with particular resonance in Japan for manga-licensed titles; and (2) B2B partners including Japanese IP holders, Korean webtoon platforms, and Western/Japanese publishers that engage IKINA GAMES for co-development and publishing services. Marketing is driven primarily through social media (Twitter/X, TikTok, YouTube, Facebook), gaming conventions (G-STAR, BIC Festival, Taipei Game Show, Tokyo Game Dungeon, PlayX4), and earned media coverage in outlets such as GameFocus, GameMeca, and Invenglobal.

Name

IKINA GAMES

Legal name

주식회사 이키나게임즈

Website

https://ikinagames.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

IKINA GAMES is a Seoul-based independent game studio founded in 2011 that develops multi-platform games spanning mobile RPGs, console action titles, VR experiences, and visual novels for global consumers, leveraging publisher partnerships with NIS America, Sankei Digital, and Smilegate Stove Indie for international distribution.

Ownership category

akta.pro rank

Product category

Independent Video Games

NAICS

Software Publishers (5132)

SIC

Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Digital Game Distribution Platforms & Storefronts (PC/Mobile/Console) (MPAFABAB)

akta.pro secondary industry

VR/AR Game Publishing & Distribution (MPAFABAK)

Keywords

• Mobile game development
• Multi-platform game studio
• Console game publishing
• Visual novel games
• Action platformer games

Headquarters

HQ city

Mapo

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Mobile Game Sales: Revenue from mobile games through app store purchases including in-app purchases, character collection RPG monetization, and premium game sales
2. Console/PC Game Sales: Direct sales of console and PC games through digital storefronts (Steam, Nintendo eShop, PlayStation Store, Xbox Store) with one-time purchase model
3. IP Licensing and Co-development: Revenue from developing games based on licensed IP (Japanese manga IPs like Saint Seiya, Fairy Tail) and co-development partnerships

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels4 records

Core offering

IKINA GAMES is an independent game development studio that designs and develops its own multi-platform video games across mobile (iOS/Android), VR (PS4 VR), console (Nintendo Switch, PlayStation 4/5, Xbox), and PC (Steam). Its catalog spans mobile RPGs, action platformers, visual novels, defense games, and console JRPGs, including titles based on licensed Japanese manga IPs and Korean webtoon IPs. The studio retains IP ownership of original titles such as Telebbit, The Ramsey, Galaxy Tales, and Starbites, and distributes them globally through digital storefronts and publisher partners.

Product overview

IKINA GAMES is a Korean game development studio founded in 2011 with 27 employees, operating as a multi-platform game creator that develops both mobile and console/PC games. The portfolio includes mobile collection RPGs (근육맨, 세인트 세이야 파티 배틀, Fairy Tail IP games), visual novels (지금 우리 학교는, 추락의 그림자), action platformers (텔레빗, 더 램지, 갤럭시 테일즈), VR games (CUBIANS VR), and console RPGs (스타바이츠). The company has expanded from mobile puzzle and defense games into VR and console gaming markets including PS5, Nintendo Switch, and PC/Steam platforms. Notable partnerships include publishing collaborations with Hyper Real (Sankei Digital) for Telebbit and NIS America for Starbites, as well as development contributions to Gamefreak's Little Town Hero.

Differentiator

Problem solved

Functional benefit

Products and services

• Telebbit (텔레빗) Retro pixel-art style 2D precision action platformer featuring a teleporting rabbit protagonist escaping an underground laboratory; published by Hyper Real (Sankei Digital).
• All of Us Are Dead (지금 우리 학교는) Visual novel adventure game based on the popular Korean zombie webtoon, featuring multi-ending storylines and a dramatic narrative about survival in a zombie-infested school.
• The Ramsey (더 램지) Casual 2D exploration platformer featuring a squirrel protagonist 'Ramsey' saving a planet from climate disaster, developed with metroidvania-inspired design.
• Galaxy Tales: Story of Rapunzel (갤럭시테일즈) Action platformer based on the Rapunzel fairy tale featuring hair-based action mechanics where the protagonist uses hair to swing, grab enemies, and traverse environments.
• Fairy Tail mobile collection RPG (근육맨/페어리 테일 mobile titles) Mobile collection RPG based on the popular Japanese manga 'Fairy Tail' IP featuring high-quality 3D characters and original magic and special move combat.
• Saint Seiya Party Battle (세인트 세이야 파티 배틀) Mobile character collection RPG based on the manga 'Saint Seiya' featuring 50+ 3D character models with original special moves and a constellation system.
• Cubians VR PS4 VR table defense game featuring voxel-style toy block characters battling on a tabletop, providing an immersive VR gaming experience; won a 2017 Unity Award.
• Little Town Hero (co-development with Game Freak) Nintendo Switch RPG co-developed with Game Freak (creator of Pokémon); IKINA GAMES contributed program development to the project.

Quantifiable outcome

• Fairy Tail: Ultimate Magic Battle maintained high rankings for over 2 years in Japan
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core, major, minor and supportive.

• NIS AmericacoreChannel Partner/ Reseller/ Distributor · 3 May 2026NIS America publishes Starbites, a mecha JRPG developed by IKINAGAMES. This partnership enables IKINAGAMES' console RPG title to reach Western markets through NIS America's established distribution network.
• Sankei Digital (HYPER REAL)coreChannel Partner/ Reseller/ Distributor · 16 April 2024Sankei Digital operates the HYPER REAL game label and publishes Telebbit as a new title. IKINAGAMES developed Telebbit, and Sankei Digital handles publishing for the Japanese and global market.
• Game FreakmajorStrategic or Co-development Partner · 17 October 2019IKINAGAMES participated in program development for Little Town Hero, a Nintendo Switch RPG from Game Freak (creator of Pokemon). This was a co-development collaboration on a major Japanese game studio title.
• Smilegate Stove IndiecoreChannel Partner/ Reseller/ DistributorSmilegate Stove Indie published All of Us Are Dead visual novel game on the Stove Indie platform in Korea. IKINAGAMES developed the game which was distributed through this platform.
• Naver WebtoonmajorStrategic or Co-development PartnerNaver Webtoon approached IKINAGAMES to develop games based on their webcomic IPs. All of Us Are Dead was one of the selected IPs for gamification, leading to the visual novel development.
• Naranaran StudiominorStrategic or Co-development PartnerIKINAGAMES collaborated with Naranaran Studio (CEO Park Jae-hwan) on Galaxy Tales platformer action game, combining both studios' development expertise.
• Gameculture Foundation / Busan IT Industry Promotion AgencysupportiveOthersBIGEM program provides funding and global promotion support for indie games. Telebbit was selected as a BIGEM 2 beneficiary, receiving support for international exhibition participation.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Devespresso Games: Korean indie game studio of similar size developing multi-platform narrative and action titles (e.g., The Coma series) for PC and console, sharing IKINA's profile as a small Seoul-based developer working with established IP and publishing partners.
• KEMCO: Japanese mobile and console RPG publisher/developer with a large catalog of licensed-IP and original JRPG-style titles, very comparable to IKINA's mobile RPG and licensed-IP work across multiple platforms.
• Nippon Ichi Software: Mid-tier Japanese developer and publisher of niche JRPGs and strategy titles with Western publishing arm (NIS America), directly comparable to IKINA's Starbites mecha JRPG positioning and NIS America publishing partnership.
• Inti Creates: Japanese indie developer with multi-platform action and platformer releases across Nintendo Switch, PlayStation, Xbox, and Steam, sharing IKINA's simultaneous multi-platform release strategy and 2D action focus (e.g., Telebbit, The Ramsey).
• Aksys Games: Japanese/English publisher specializing in localization and Western release of niche Japanese titles, comparable to IKINA's use of NIS America and Sankei Digital as Western distribution partners for its console titles.
• Compile Heart: Mid-tier Japanese RPG developer (sister label of Idea Factory) producing niche JRPGs across PlayStation, Nintendo Switch, and Steam, directly comparable to IKINA's upcoming Starbites mecha JRPG positioning.
• Idea Factory: Japanese developer and publisher of mid-tier RPG and visual novel titles including the Neptunia series, sharing IKINA's portfolio mix of RPGs, visual novels, and multi-platform releases.
• Marvelous Inc. Japanese mid-tier developer and publisher of niche console titles including Story of Seasons and Senran Kagura, sharing IKINA's profile as a multi-platform Japanese-market developer pursuing original IP with publisher partnerships.

Broad incumbents

• Smilegate: Major Korean game developer (CrossFire) and operator of the Stove Indie platform that publishes IKINA's All of Us Are Dead visual novel, representing a larger Korean incumbent that is both a platform partner and an adjacent competitor for talent.
• Bandai Namco Entertainment: Major Japanese game publisher and rights holder for Saint Seiya (one of IKINA's flagship IP licenses), representing both a competitive threat and a potential licensor with capacity to in-house IP game development at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/IKINAGAMES
• YouTubeyoutube.com/channel/UCdlNQbJH5UHhnw1I_ljVhIw
• Facebookko-kr.facebook.com/ikinagames
• TikToktiktok.com/@ikinagames?is_from_webapp=1&sender_device=pc
• LinkedInlinkedin.com/company/ikina-games

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 IKINA GAMES