Palmer Luckey’s retro gaming startup ModRetro reportedly seeks funding at $1B valuation

ModRetro, the nostalgic gaming venture founded by Palmer Luckey, is reportedly seeking to secure funding that could value the company at an impressive $1 billion, as indicated by the Financial Times. The startup made waves earlier this year with the launch of its inaugural product, the Chromatic, a handheld device reminiscent of the Game Boy. The Verge's Sean Hollister touted the Chromatic as potentially the finest iteration of the Game Boy to date. However, he noted that Luckey's background as the founder of defense technology firm Anduril Industries casts a shadow over the product's reception. Hollister posed a thought-provoking question: "If Lockheed Martin made a Game Boy, would you buy one?" Luckey revealed that his journey to create a Game Boy-inspired gadget has been a passion project spanning nearly seventeen years. He characterized the Chromatic as the culmination of numerous unconventional choices, resulting in a device that genuinely honors the essence of the beloved console. In addition to the Chromatic, ModRetro is reportedly developing more gaming devices, including one that aims to capture the spirit of the Nintendo 64. On a parallel note, Anduril Industries seems to be gaining traction with its plans for autonomous weaponry, as they are also in discussions for new funding that could boost their valuation to $60 billion.