Sky Mavis, the developer of Axie Infinity, announced a $150 million financing last year, but ultimately only raised $11 million.

According to BlockBeats news on July 17th, Sky Mavis, the developer of Axie Infinity, reduced the previously announced $150 million financing round led by Binance after compensating all users affected by the Ronin Network security vulnerability with its own funds. Instead, the company raised $11 million in a funding round led by a16z and Animoca Brands. According to VentureCap Insights, which tracks Singaporean regulatory filings, this decreased Sky Mavis' valuation from $3 billion to $1.95 billion. As previously reported by BlockBeats, Binance announced in July 2022 that it had significantly reduced its investment in Sky Mavis, and was no longer the main investor in its previous $150 million financing round.