Odd Meter raises $5 million for next game after INDIKA success

Odd Meter’s $5 million raise is less a routine funding note than a signal about what still gets financed in a cautious games market: studios with a sharp creative identity and a proven audience. The round was led by GEM Capital and Autotelic Ventures, and it puts fresh money behind a team best known for making INDIKA, a game that stood out precisely because it did not look or play like a safe commercial template.

INDIKA gave Odd Meter the kind of calling card investors like to see. It launched on May 2, 2024 for Windows and Steam, then arrived on PlayStation 5 and Xbox Series X|S on May 17, 2024. A Nintendo Switch version followed on November 17, 2025. The game also won the Japan Game Awards’ Game Designers Award, with the jury pointing to its unusual religious and moral themes, atmosphere, and worldbuilding. For a small studio, that is the kind of critical and cultural footprint that can make an auteur-led project feel bankable rather than merely risky.

The studio’s path to this point has also been unusually hard-won. 11 Bit Studios said its partnership with Odd Meter was already underway before Russia’s full-scale invasion of Ukraine, and after February 24, 2022, Odd Meter’s 16-person team relocated from Russia to Kazakhstan. 11 Bit described INDIKA as fitting its “meaningful entertainment” approach, which helps explain why the project resonated beyond the usual indie-to-AA lane. The new funding suggests investors believe that identity can travel with the team, even as the studio changes geography and scale.

Dmitry Svetlow said the next project has already attracted interest and several offers, but Odd Meter has not yet decided whether to work with a publisher again or self-publish. That uncertainty is part of the leverage the round creates. It gives Odd Meter room to negotiate, and it keeps the studio from having to trade away too much control too early, even as the next game moves beyond the size and profile of INDIKA.

Roman Gurskiy, managing director at GEM Capital, said the firm sees long-term potential in Odd Meter, and the investment fits a broader pattern of backing teams with a clear voice and exportable IP. GEM Capital’s portfolio already includes names such as Mundfish, Sad Cat Studios, and Unfrozen, another sign that this is not a one-off bet. In a year full of layoffs, restructures, and risk aversion, Odd Meter’s raise says something simple but important: there is still capital for indie work that feels authored, not assembled.