What IPHIGAMES does

IPHIGAMES is an Athens, Greece-based independent game studio founded in 2020 that operates two interconnected business lines: a self-publishing arm releasing horror and adventure titles (released: Skaramazuzu, Abtos Covert; upcoming: Haunted Bloodlines, The Shore, Cult of Blood) for PlayStation 5, Xbox Series X|S, Nintendo Switch, Steam Deck, and Meta Quest, and a B2B professional services arm branded Iphi Studios (Studio 01 Porting, Studio 02 Art, Studio 03 Game Development) that sells porting, art direction, and full-cycle development services to other indie game studios.

Technically, the company builds its titles and client deliverables on Unity, Unreal Engine, and Godot, supports a broad hardware footprint including VR (Meta Quest), and operates an art pipeline built on ZBrush, Blender, Maya, Substance Painter, Houdini, Photoshop, and Marvelous Designer capable of photorealistic, stylized, anime, and 2D aesthetics. Its key institutional asset is official platform partner status with Sony, Microsoft, and Nintendo, which provides direct SDK access and certification capability for porting work across all major consoles. Three co-development and publishing partnerships (with Bleeding Moon Studios on Skaramazuzu, Dragonis Games on The Shore, and Dusty Box on Cult of Blood) function as the studio's content pipeline, with IPHIGAMES providing publishing and platform distribution.

Commercially, IPHIGAMES earns revenue through one-time consumer game sales on its own website and across console/PC/VR storefronts, and through project-based professional services fees for porting, art, and full-cycle development billed per engagement. Marketing is community-driven via a website hub, newsletter subscription, press kit distribution, and a virtual photography gallery program featuring 216+ player-submitted images. The company is privately held and founder-led with 7 employees, no disclosed external funding, no disclosed revenue, and no disclosed enterprise client logos.

Name

IPHIGAMES

Legal name

IPHIGAMES

Website

https://iphigames.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

IPHIGAMES is a 7-person Athens-based indie studio that self-publishes horror and adventure games across console, PC, and VR, and sells porting, art, and full-cycle game development services to other indie developers through its Iphi Studios arm under official Sony, Microsoft, and Nintendo partner status.

Ownership category

akta.pro rank

Product category

Indie Game Development & Publishing

NAICS

Software Publishers (5132), Software Publishers (513210)

akta.pro primary industry

Narrative/Adventure & RPG Game Studios (MPAFAAAL)

akta.pro secondary industry

Co-Development, Porting & Remaster Studios (MPAFAAAM)

Keywords

• Indie game development
• Horror video games
• Game porting services
• Game art services
• Console game publishing

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Self-Published Game Sales: IPHIGAMES publishes its own horror and adventure game titles (Skaramazuzu, Abtos Covert, and upcoming Haunted Bloodlines, Cult of Blood, The Shore) directly to consumers through their own digital storefront and across console/PC platforms.
2. Game Development Services (Studio 03): Full-cycle game development services for PC, console, and mobile platforms — covering game design, programming, engine expertise, platform porting, multiplayer integration, QA, and post-launch support. Revenue is earned as professional services billed per project.
3. Art Direction & Character Creation Services (Studio 02): High-quality 3D art production, concept art, art direction, 3D character creation, environment & props, illustrations & 2D art, and board game components for external clients. Billed as professional services per project.
4. Porting Services (Studio 01): Platform porting services bringing games to PlayStation 5, Xbox Series X|S, Nintendo Switch, and VR platforms. As official partners with Sony, Microsoft, and Nintendo, they provide end-to-end porting from initial assessment through certification and launch. Revenue generated as professional services.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

IPHIGAMES independently develops and self-publishes atmospheric horror and adventure video games (titles include Abtos Covert, Skaramazuzu, Haunted Bloodlines, The Shore, Cult of Blood) for PC, console (PlayStation 5, Xbox Series X|S, Nintendo Switch), and VR (Meta Quest) platforms. Through its Iphi Studios division, the company also provides professional game development services to other indie developers, covering platform porting, art direction and character creation, and full-cycle game development.

Product overview

IPHIGAMES is an independent game developer specializing in horror and psychological thriller games with atmospheric storytelling. The company operates two interconnected divisions: its core game portfolio (Haunted Bloodlines, The Shore, Cult of Blood, Abtos Covert, and Skaramazuzu) and Iphi Studios, a professional services arm offering game development, art direction, and porting services to other developers. The studio's games focus on unsettling narratives, psychological dread, and Lovecraftian or survival horror themes, while Iphi Studios provides contract development services leveraging expertise in Unity, Unreal Engine, and Godot across PC, console, and mobile platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Abtos Covert

Quantifiable outcome

• Over 216 player-submitted virtual photography images from Abtos Covert demonstrate community engagement and fan content creation

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core.

• Sony (PlayStation)coreTechnology or IntegrationIPHIGAMES is an official partner with Sony, with direct access to PlayStation development tools and platform SDKs. This partnership enables the company to port and publish games on PlayStation 5 with full certification and platform compliance support.
• Microsoft (Xbox)coreTechnology or IntegrationIPHIGAMES is an official partner with Microsoft, enabling porting and publishing on Xbox Series X|S with access to Microsoft's development tools, platform SDKs, and certification processes.
• NintendocoreTechnology or IntegrationIPHIGAMES is an official partner with Nintendo, facilitating game ports to Nintendo Switch with direct access to Nintendo's development resources and platform certification requirements.
• Bleeding Moon StudioscoreStrategic or Co-development PartnerCo-development partnership for Skaramazuzu, a hand-drawn black-and-white 2D adventure game. Bleeding Moon Studios developed the game while IPHIGAMES provides publishing and platform distribution services.
• Dusty BoxcoreStrategic or Co-development PartnerCollaboration with Dusty Box to bring Cult of Blood, a survival horror game with fixed cameras and tank controls, to console platforms. Dusty Box serves as the development partner while IPHIGAMES handles publishing and porting.
• Dragonis GamescoreStrategic or Co-development PartnerCollaboration with Dragonis Games (Ares Dragonis) to bring The Shore, a Lovecraftian horror game, to console platforms. Dragonis Games is the development studio while IPHIGAMES provides publishing and platform porting services.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Saber Interactive: Large multi-discipline game studio with substantial porting and co-development operations across all major consoles. Represents the scaled-up version of IPHIGAMES' services business and a key competitor for third-party porting contracts.
• Keywords Studios: Global market leader in game services including porting, art production, and full-cycle development. Comparable in service categories offered (art, porting, development) though far larger and broader in scope.
• Devolver Digital: Major indie game publisher with strong portfolio in indie horror and unique narrative titles (e.g., Cult of the Lamb, Inscryption). Comparable as an indie publishing counterpart, though Devolver operates at much larger scale across many titles.

Emerging players

• Another Indie: Small indie publisher specializing in horror and atmospheric games across console platforms. Closely comparable in scale, genre focus, and indie console publishing approach to IPHIGAMES.
• Perp Games: UK-based indie publisher focused on physical and digital horror game publishing, including console ports of indie horror titles. Comparable as a niche horror-focused indie publisher with platform certification expertise.
• Raw Fury: Sweden-based indie game publisher focusing on narrative-driven and artistically distinctive titles. Comparable as an indie publishing counterpart with similar taste in atmospheric, story-driven content and a comparable size tier.

Direct peers

• Red Barrels: Canadian indie studio behind the Outlast series, one of the most successful indie horror franchises. Directly comparable as an indie horror game developer/publisher with multi-platform releases across console and PC.
• Abstraction Games: Dutch game studio specializing in porting and co-development services across PlayStation, Xbox, and Nintendo platforms. Directly comparable as a multi-platform porting studio serving indie developers, with similar service offerings to IPHIGAMES' Studio 01.
• Bloober Team: Polish studio specializing in psychological horror games (Layers of Fear, The Medium, Silent Hill 2 remake). Highly comparable for horror-focused game development with console partnerships, though larger in scale.
• Frictional Games: Swedish indie studio known for Amnesia and SOMA, operating in the same narrative/psychological horror niche. Both studios pursue atmospheric, story-driven horror on PC and console, making them direct comparables in scope, team size, and target audience.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iphigames

Revenue estimate

Valuation estimate

Number of profiles

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 IPHIGAMES