Redwood City, Calif. - Video game developer and publisher Trion World Network announced on Tuesday that it has raised $70 million in its third round of venture capital financing, co-led by "a large global financial institution" and Act II Capital.

All of the company's previous backers also participated, including DRM, Trinity Ventures, Rustic Canyon, Time Warner, Peacock Equity and Bertelsmann.

Founded in 2006, Redwood City, Calif.-based Trion currently has two titles in development -- a multiplayer fantasy game helmed by designer Jon Van Caneghem ("Might and Magic"), and a multiplayer game collaboration with NBC Universal's SCI FI Channel.

"This signifies a shift away from static retail products and towards games as dynamic services, which will be simulated increasingly 'in the cloud'," said Trion co-founder and CEO Lars Buttler.

"With its industry-defining server-based games platform, worldwide publishing capabilities, an ever-growing network of AAA development studios, unrivaled partnerships in media and technology, and now significant capital in the bank, Trion is uniquely positioned to be a leader in the next cycle of electronic entertainment."

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