Retro gaming startup ModRetro, founded by technology entrepreneur Palmer Luckey, is reportedly seeking new investment that could place the company’s valuation at about one billion dollars.

Reports indicate that the company has begun discussions with potential investors as interest in classic gaming hardware continues to grow across global markets.

The company entered the gaming hardware space in 2024 with the release of a handheld device known as the Chromatic.

The console, inspired by the design of the classic Game Boy, was created to recreate the nostalgic feel of vintage handheld gaming while incorporating modern improvements in display quality and durability.

Early reviews from technology analysts have praised the device for its build quality and faithful recreation of the original gaming experience.

However, some commentators note that public perception of the product is occasionally influenced by Luckey’s reputation as the founder of defense technology firm Anduril Industries.

Luckey has said the project stems from a long-standing personal passion, explaining that he had been experimenting with Game Boy-inspired designs for nearly seventeen years.

He described the Chromatic as a highly authentic tribute to the classic console, shaped by numerous design decisions aimed at preserving what made the original device memorable.

Reports also suggest that ModRetro is already developing additional hardware products, including a device designed to replicate the experience of the Nintendo 64.

Meanwhile, Anduril Industries is said to be exploring a separate funding round that could value the defense technology company at around sixty billion dollars.

Source: TechCrunch