Lizardcube
Lizardcube is a Paris-based independent video game studio developing hand-drawn 2D games, including critically acclaimed remakes and sequels of classic franchises such as Wonder Boy, Streets of Rage, and Shinobi for global multi-platform distribution.
- Company typePrivate
- Founded2015
- HeadquartersParis, France
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Lizardcube does
Lizardcube is a Paris-based, privately-held independent video game development studio founded in late 2015 by Omar Cornut and Ben Fiquet. The studio specializes in creating high-quality, hand-drawn 2D games, with a focus on remakes, sequels, and new entries in classic video game franchises. Its core products include Wonder Boy: The Dragon's Trap (2017), a remake of the 1989 Master System classic; Streets of Rage 4 (2020), a new entry in SEGA's iconic arcade brawler series co-developed with Guard Crush Games; and the Mr. X Nightmare DLC (2021) expansion for Streets of Rage 4. The studio's most recent announced title is Shinobi: Art of Vengeance (slated for August 29, 2025), developed under a flagship partnership with SEGA.
The studio's technology is centered on hand-drawn 2D animation and game development, featuring proprietary capabilities such as dual graphics/audio modes (allowing users to toggle between modern and 8-bit presentations during gameplay) and high-quality 2D asset production. The team operates as a small unit of 11-50 employees led by founders with significant industry pedigree — Cornut is the creator of the widely adopted Dear ImGui UI middleware and previously worked at Q-Games (Pixeljunk Shooter) and Media Molecule (Tearaway), while Fiquet is a Gobelins-trained animation director with prior freelance work at DreamWorks and Zodiac Kids.
Lizardcube's revenue model is built on one-time perpetual license sales of games (priced between $19.99-$24.99 USD) and DLC across multiple platforms including Steam, PlayStation Store, Nintendo eShop, Xbox Store, iOS App Store, and Google Play Store, supplemented by soundtrack sales via Bandcamp. Distribution and marketing are largely handled through publisher Dotemu, while SEGA and WestOne/Ryuichi Nishizawa provide IP licensing for flagship franchises. The studio's primary customer segment is video game consumers across global markets, with retro gaming enthusiasts as a secondary persona. The company has no disclosed external funding, parent company, or M&A activity.
Lizardcube firmographics
Firmographics- Name
- Lizardcube
- Legal name
- Lizardcube
- Website
- https://lizardcube.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Lizardcube is a Paris-based independent video game studio developing hand-drawn 2D games, including critically acclaimed remakes and sequels of classic franchises such as Wonder Boy, Streets of Rage, and Shinobi for global multi-platform distribution.
- Ownership category
- akta.pro rank
Lizardcube industry classification
Industry- Product category
- Indie Video Game Development
- NAICS
- Software Publishers (5132)
- SIC
- Games, Toys & Children's Vehicles (No Dolls & Bicycles) (3944)
- akta.pro primary industry
- Social/UGC & Sandbox Game Studios (Roblox-like) (MPAFAAAF)
- akta.pro secondary industry
- Character & Creature Animation (MPADACAE)
Keywords
Where Lizardcube is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
Lizardcube business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Game Sales: Direct game sales through multiple platforms including Steam, PlayStation Store, Nintendo eShop, Xbox Store, iOS App Store, and Google Play Store. Games are sold as one-time purchases.
- DLC Sales: Additional downloadable content such as Mr. X Nightmare DLC for Streets of Rage 4, adding new playable characters, survival mode, and character customization.
- Soundtrack Sales: Game soundtracks sold separately on platforms like Bandcamp
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| One time/ perpetual license | Pay-as-you-go | Wonder Boy: The Dragon's Trap base game |
| One time/ perpetual license | Pay-as-you-go | Streets of Rage 4 base game |
| One time/ perpetual license | Pay-as-you-go | Shinobi: Art of Vengeance |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels5 records
Lizardcube product offering
Product offeringCore offering
Lizardcube is an independent Parisian game studio that develops hand-drawn 2D video games, focusing on remakes and new entries in classic arcade and console franchises. Its commercial catalog includes the critically acclaimed Wonder Boy: The Dragon's Trap remake, Streets of Rage 4 (co-developed with Guard Crush Games), and the upcoming Shinobi: Art of Vengeance developed in partnership with SEGA. Games are sold as one-time digital purchases across PC, console, and mobile storefronts, primarily via publisher Dotemu.
Product overview
Lizardcube is a French game development studio based in Paris that creates high-quality 2D games. Their portfolio includes three main published games: Wonder Boy: The Dragon's Trap (2017), a critically acclaimed remake of the 1989 SEGA Master System classic; Streets of Rage 4 (2020), a beat 'em up continuation of SEGA's iconic arcade series; and Shinobi: Art of Vengeance (2025), a 2D action platformer in partnership with SEGA. The studio also develops internal tool projects and created Dear ImGui, a popular UI middleware library. Lizardcube specializes in hand-drawn animation and works with publishers including Dotemu and SEGA.
Differentiator
Problem solved
Functional benefit
Products and services
- Wonder Boy: The Dragon's Trap A 2D action-adventure remake of the 1989 SEGA Master System classic, featuring hand-drawn animated graphics. Players explore Monster Land as a shape-shifting hero who transforms into six different forms (Lizard, Mouse, Piranha, Lion, Hawk, Dragon) each with unique abilities, battling dragons and breaking curses. Includes a unique mode to switch between modern and 8-bit graphics/audio at any time, even during gameplay. Licensed from WestOne with involvement of original creator Ryuichi Nishizawa.
- Streets of Rage 4 An all-new continuation of SEGA's iconic arcade beat 'em up series, featuring hand-drawn visuals from the team behind Wonder Boy: The Dragon's Trap. The game combines classic beat 'em up gameplay with new mechanics, a fresh story, and multiple playable characters. Co-developed with Guard Crush Games and published by Dotemu.
- Shinobi: Art of Vengeance A 2D action platformer featuring Shinobi Joe Musashi seeking vengeance for his burned village and petrified clan. Features hand-drawn art style, ninja combat with katana, kunai, ninjutsu, and ninpo abilities, plus platforming puzzles across more than a dozen unique stages from military bases to a scorching desert. Developed and published in partnership with SEGA.
- Streets of Rage 4: Mr. X Nightmare DLC Paid downloadable content (DLC) expansion for Streets of Rage 4, adding three new playable characters, a new survival mode, and character customization. Sold as a one-time purchase on the same platforms as the base game.
Quantifiable outcome
- Wonder Boy: The Dragon's Trap received critical acclaim with praise from GameSpot, NintendoLife, and Waypoint/Vice
Companies that use Lizardcube
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Lizardcube technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Lizardcube partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship and core.
- SEGAflagshipSEGA has partnered with Lizardcube to develop Shinobi: Art of Vengeance, an all-new 2D action platformer featuring the iconic Shinobi franchise. This is a major partnership for developing a new entry in a classic SEGA IP.
- Guard Crush GamescoreCo-development partner for Streets of Rage 4. Guard Crush Games, based in Montréal, Canada, is known for Streets of Fury and Streets of Fury: Extended Edition. They handled programming while Lizardcube handled art direction, animation, and visuals.
- DotemucoreDotemu is the publisher for Wonder Boy: The Dragon's Trap and Streets of Rage 4. They handle marketing, press relations, and distribution. Dotemu specializes in modern releases of beloved retro games and has a long history with retro licenses.
- WestOne (Ryuichi Nishizawa)coreLicensed the Wonder Boy IP from WestOne with involvement of original game director Ryuichi Nishizawa to create a new version of Wonder Boy: The Dragon's Trap - the first new version since 1994.
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
Lizardcube competitors and assessment
Company assessmentDirect peers
- Thunderful Group (Image & Form): Swedish studio behind the SteamWorld series, 2D action-platformers with a distinctive art style. Comparable in indie 2D-game focus, though operating within a larger public group with broader portfolio.
- WayForward Technologies: Long-running US indie studio known for 2D action-platformers and licensed retro revivals (Shantae series, Contra 4, A Boy and His Blob). Comparable in scale, 2D-animation focus, and licensed-IP work, though with a longer multi-decade catalog.
- DrinkBox Studios: Toronto-based studio known for hand-drawn 2D action games (Guacamelee, Nobody Saves the World). Comparable small-team indie profile with similar genre focus on 2D action and combat-platforming.
- Tribute Games: Montreal-based indie studio specializing in retro-style 2D beat 'em up games (TMNT: Shredder's Revenge, Streets of Fury). Co-developed and published multiple titles through Dotemu, mirroring Lizardcube's beat 'em up and Dotemu-publisher model.
- Yacht Club Games: US indie studio behind Shovel Knight, a 2D retro-style action-platformer franchise. Similar small-team profile, similar emphasis on hand-crafted pixel/2D art, and similar work-for-hire/sequel model for legacy-feeling IP.
- Studio MDHR: Canadian studio behind Cuphead, a hand-drawn 2D action game with a signature retro-cartoon aesthetic. Closely comparable in creative positioning—premium hand-drawn 2D animation as the primary differentiator—and in small-team indie studio profile.
- Sabotage Studio: Canadian indie studio behind The Messenger and Sea of Stars, 2D action-RPGs with strong retro and hand-drawn art direction. Similar studio scale and craft-driven 2D game positioning.
- Guard Crush Games: Montreal-based co-developer of Streets of Rage 4 alongside Lizardcube. Closely tied through the SoR4 collaboration and shares beat 'em up genre focus and small indie studio profile.
Emerging players
- Supergiant Games: US indie studio behind Hades, Bastion, Transistor, and Pyre—hand-painted 2D action games with strong art direction. Comparable in hand-drawn aesthetic and small-team profile, but a larger, more commercially successful operation with live-service-style recent releases.
Others
- Dotemu: Paris-based publisher specializing in modern revivals of retro games (Streets of Rage 4, TMNT: Shredder's Revenge, Windjammers 2). Operates as Lizardcube's primary publisher and is therefore a strategic counterpart rather than direct competitor, but operates in adjacent 2D retro-game development and publishing.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Lizardcube social profiles
Digital presenceLizardcube financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lizardcube leadership team
Management profileNumber of profiles
Profiles11 records
Lizardcube funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lizardcube 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 Lizardcube
What does Lizardcube do?
Lizardcube is an independent Parisian game studio that develops hand-drawn 2D video games, focusing on remakes and new entries in classic arcade and console franchises. Its commercial catalog includes the critically acclaimed Wonder Boy: The Dragon's Trap remake, Streets of Rage 4 (co-developed with Guard Crush Games), and the upcoming Shinobi: Art of Vengeance developed in partnership with SEGA. Games are sold as one-time digital purchases across PC, console, and mobile storefronts, primarily via publisher Dotemu.
Is Lizardcube a public or private company?
Lizardcube is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Lizardcube founded?
Lizardcube was founded in 2015. It employs 11 to 50 people.
Where is Lizardcube based?
Lizardcube is headquartered in Paris, France, in the Europe region.
How does Lizardcube make money?
Three revenue lines are on record. Game Sales are the primary driver. The others are DLC Sales and soundtrack Sales.
Who are Lizardcube's main competitors?
Direct peers on record are Thunderful Group (Image & Form), WayForward Technologies, DrinkBox Studios, Tribute Games, Yacht Club Games, Studio MDHR, Sabotage Studio and Guard Crush Games. Supergiant Games is listed as an emerging player. Dotemu is listed as an others.
Does Lizardcube have an API?
No public API is recorded for Lizardcube.
What industry is Lizardcube in?
Lizardcube's product category is Indie Video Game Development. Its primary akta.pro industry code is MPAFAAAF, Social/UGC & Sandbox Game Studios (Roblox-like), with a secondary code of MPADACAE, Character & Creature Animation. Its NAICS code is 5132 and its SIC code is 3944.