Ice Code Games
Ice Code Games S.A. is a Polish, publicly-listed (NewConnect) game development studio of approximately 27 people that builds and publishes tactical and strategy PC games such as Hard West 2, Rogue Waters, and the upcoming Nightmare Frontier via Steam and Good Shepherd Entertainment.
- Company typePublic
- Founded2017
- HeadquartersWarsaw, Poland
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Ice Code Games does
Ice Code Games S.A. is a Polish game development studio founded in 2017 and publicly listed on the Warsaw Stock Exchange's NewConnect market since 2022. Operating with a remote-first model and approximately 27 staff/contractors, the studio specializes in tactical and strategy games for the PC market, distributed globally via Steam. Its released portfolio centers on Hard West 2 (August 2022, 77% Metacritic) and Rogue Waters (2022, 83% Metacritic, 89% OpenCritic recommendation), both published through Good Shepherd Entertainment and recognized with CEEGA Best Game, Best Design, and a PC Gamer GOTY personal pick.
The company's revenue model is built on one-time digital game sales on Steam, with Early Access releases preceding full launch, supplemented by free content updates and potential paid DLC. It pursues a product-led growth motion, combined with publisher-led international distribution and marketing through Good Shepherd Entertainment. Target customers are PC strategy and roguelike enthusiasts interested in unconventional thematic settings (Wild West supernatural, pirate, alternative 1900s).
Underlying the production process are two proprietary AI systems: DEMIURG, an in-house AI for streamlining game production by combining human creativity with machine efficiency; and SUPREMUS, an EU-funded (PLN 9.5M grant, PLN 13.1M total project value) AI-driven research project for analyzing gameplay patterns to improve game design and testing, scheduled for completion May 2026. A third title, Nightmare Frontier — a tactical extraction looter — is announced for 2025, representing a deliberate genre pivot. The studio is currently raising capital via a Series J public offering (up to PLN 4.24M) and has secured Polish Ministry of Culture funding for prototype Project A.
Ice Code Games firmographics
Firmographics- Name
- Ice Code Games
- Legal name
- Ice Code Games S.A.
- Website
- https://icecodegames.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ice Code Games S.A. is a Polish, publicly-listed (NewConnect) game development studio of approximately 27 people that builds and publishes tactical and strategy PC games such as Hard West 2, Rogue Waters, and the upcoming Nightmare Frontier via Steam and Good Shepherd Entertainment.
- Ownership category
- akta.pro rank
Ice Code Games industry classification
Industry- Product category
- PC video game development
- NAICS
- Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372)
- akta.pro primary industry
- Serious Games & Simulation Studios (Training, Defense, Enterprise) (MPAFAAAH)
- akta.pro secondary industry
- Build, CI/CD, Version Control & DevOps Tools for Games (MPAFAFAG)
Keywords
Where Ice Code Games is headquartered
LocationHeadquarters
- HQ city
- Warsaw
- HQ country
- Poland
- HQ region
- Europe
Offices1 record
Markets served
Ice Code Games business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Others
Revenue model
- Game Sales: One-time purchase model for full game releases on Steam platform. Games available for purchase with Early Access preceding full release.
- Early Access Revenue: Games released in Early Access phase on Steam, generating revenue during development period before full launch.
- DLC and Updates: Free additional content updates (e.g., After Dark Update for Hard West 2) and potential paid expansions.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Ice Code Games product offering
Product offeringCore offering
Ice Code Games is an independent Polish video game studio that designs, develops, and publishes tactical turn-based PC games such as Hard West 2, Rogue Waters, and the in-development Nightmare Frontier. The studio sells these games directly to consumers through the Steam platform, including via Early Access phases, and uses a proprietary AI system (DEMIURG) plus a remote-first production model to streamline development.
Product overview
Ice Code Games S.A. is a game development studio specializing in tactical and strategy games. The company operates a multi-product portfolio comprising released games and projects in development. The core released titles include Hard West 2 (tactical turn-based Wild West game) and Rogue Waters (tactical turn-based pirate roguelite), both critically acclaimed with multiple industry awards. The company is developing Nightmare Frontier, a new tactical extraction looter. Additionally, Ice Code Games has developed proprietary AI systems including DEMIURG for production automation and is working on the SUPREMUS AI-driven game design research project. All team members work remotely.
Differentiator
Problem solved
Functional benefit
Products and services
- Hard West 2 Tactical turn-based strategy game combining a Wild West setting with supernatural elements, featuring the proprietary Bravado dynamic combat system and dynamic levels, sold to PC players via Steam.
- Rogue Waters Tactical turn-based roguelite set in a cursed pirate world where players lead a pirate crew through archipelago turn-based sea battles against legendary sea creatures, sold to PC players via Steam.
- Nightmare Frontier Tactical extraction looter set in an alternative 1900s West Coast city overrun by otherworldly monsters called Dreadweavers, combining dynamic melee-combat with fast shootouts, offered to PC players via Steam Early Access.
Quantifiable outcome
- Hard West 2 achieved 77% Metacritic score and 78% positive Steam reviews
- +1 more outcomes
Companies that use Ice Code Games
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Ice Code Games technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature3 records
Ice Code Games partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- Good Shepherd EntertainmentcorePublisher partner that has worked with Ice Code Games for several years. Provided increased budget for Hard West 2 following positive Closed Beta and WASD Expo feedback. Also funded new project codenamed 'Odysseus'. Handles international distribution and marketing.
- Polish Agency for Enterprise DevelopmentminorGovernment development agency that facilitated Ice Code Games' showcase at Gamescom 2022 at the Polish Pavilion.
- Indie Games Poland FoundationminorFoundation that organizes industry awards and recognition, awarded Hard West 2 with 'Dzik Nie Indyk' award.
Scale indicators8 records
Recent moves8 records
Expansion highlights5 records
Ice Code Games competitors and assessment
Company assessmentDirect peers
- Mimimi Games: German tactical strategy studio behind Shadow Tactics: Blades of the Shogun and Desperados III — both turn-based tactical games with squad-based mechanics and strong critical reception. Closely comparable in scope, audience (PC strategy enthusiasts), and studio size to Ice Code Games' tactical turn-based portfolio.
- Owlcat Games: Studio behind Pathfinder: Kingmaker and Pathfinder: Wrath of the Righteous — deep tactical/RPG hybrids targeting PC strategy-RPG enthusiasts. Comparable in tactical gameplay depth, RPG-narrative hybrid DNA, and small-team indie scale with Steam-first PC distribution.
- CreativeForge Games: Polish indie studio that developed the original Hard West — a turn-based tactical with weird-West supernatural theme. They are the most direct peer because Ice Code Games literally built upon their flagship IP with Hard West 2, sharing both genre (tactical turn-based + supernatural) and Central/Eastern European regional positioning.
- Harebrained Schemes: Indie studio behind BattleTech, Shadowrun Returns, and Crimson Spire tabletop-inspired turn-based tactics. Comparable in tactical turn-based genre focus, indie PC-only positioning, and small-team production model targeting hardcore strategy/TBG enthusiasts.
- Snapshot Games: Bulgarian studio founded by Julian Gollop (X-COM creator) that developed Phoenix Point, a tactical turn-based strategy game targeting PC strategy/sci-fi enthusiasts. Comparable in tactical genre positioning, small-team indie scale, and similar PC-only distribution model on Steam/Epic.
Regional players
- 11 bit studios: Polish game developer and publisher behind This War of Mine and Frostpunk — both strategy/tactically-flavored games with strong critical reception. Comparable in regional ecosystem (Polish stock-listed studios), strategy-game DNA, and target audience, though operating at higher scale and broader commercial scope.
- Destructive Creations: Polish game studio behind Ancestors Legacy and War Mongrels (tactical squad-based games). Comparable Central European tactical-strategy positioning, similar PC-driven commercial model, and indie-to-mid-tier studio operating profile sharing Polish market ecosystem with Ice Code Games.
- Klabater: Polish indie game publisher and developer specializing in strategy/simulation titles. Comparable through Central European positioning, indie PC strategy game focus, and adjacent role as both developer and publisher in the regional ecosystem.
Others
- Good Shepherd Entertainment: Independent game publisher that finances, distributes, and markets mid-tier PC titles including Hard West 2 for Ice Code Games and projects like Phantom Doctrine and John Wick Hex. Comparable as the principal publishing counterparty — not a content peer, but a structural counterparty defining Ice Code Games' distribution economics.
Emerging players
- Slipgate Ironworks: Indie publisher focused on tactical/strategy games on PC (e.g., Tactical Breach Wizards). Comparable in smaller-scale tactical-game publishing scope and target audience, providing an adjacent example of how small tactical strategy titles reach market via specialized publishers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Ice Code Games social profiles
Digital presenceIce Code Games financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ice Code Games leadership team
Management profileNumber of profiles
Profiles5 records
Ice Code Games funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ice Code Games 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 Ice Code Games
What does Ice Code Games do?
Ice Code Games is an independent Polish video game studio that designs, develops, and publishes tactical turn-based PC games such as Hard West 2, Rogue Waters, and the in-development Nightmare Frontier. The studio sells these games directly to consumers through the Steam platform, including via Early Access phases, and uses a proprietary AI system (DEMIURG) plus a remote-first production model to streamline development.
Is Ice Code Games a public or private company?
Ice Code Games is a public company. It is classified as public and is currently operating.
When was Ice Code Games founded?
Ice Code Games was founded in 2017. It employs 11 to 50 people.
Where is Ice Code Games based?
Ice Code Games is headquartered in Warsaw, Poland, in the Europe region.
How does Ice Code Games make money?
Three revenue lines are on record. Game Sales are the primary driver. The others are early Access Revenue and DLC and Updates.
Who are Ice Code Games's main competitors?
Direct peers on record are Mimimi Games, Owlcat Games, CreativeForge Games, Harebrained Schemes and Snapshot Games. Regional players are 11 bit studios, Destructive Creations and Klabater. Good Shepherd Entertainment is listed as an others. Slipgate Ironworks is listed as an emerging player.
Does Ice Code Games have an API?
No public API is recorded for Ice Code Games.
What industry is Ice Code Games in?
Ice Code Games's product category is PC video game development. Its primary akta.pro industry code is MPAFAAAH, Serious Games & Simulation Studios (Training, Defense, Enterprise), with a secondary code of MPAFAFAG, Build, CI/CD, Version Control & DevOps Tools for Games. Its NAICS code is 5132 and its SIC code is 7372.