Fundraising Fox

Lysto

9 known investors

lysto.io

Lysto provides a platform for game studios to conduct structured playtests using AI-powered analysis of player feedback and behavior. The platform manages tester recruitment, gameplay recording, and automated insight generation to help studios identify issues and optimize gameplay.

Also known as Lysto (lysto.io) · Lysto.gg

AI & Machine LearningGamingSaaS

Investors · 9

Also in the syndicate · 4

Binny BansalCloud CapitalPaul VeradittakitSquare Peg

Company profile

researched Aug 2026

Lysto sells software to game studios across two related product lines. Its player experience (Px) research offering runs structured playtests end-to-end: studios define study objectives and upload a build, Lysto handles screening, recruiting, scheduling, incentivising and secure build distribution, and each session captures gameplay, voice and player reactions. AI flags friction, hesitation, comprehension gaps and 'aha' moments while human game user research (GUR) specialists convert those signals into themes and recommendations delivered through a collaborative dashboard. Studios can recruit from Lysto's registered player panel with filters for age, gender, region, gamer profile, genres played and experience level, or use a 'Bring Your Own Players' (BYOP) option drawing on their own Discord servers, social channels or live audiences; the two pools can be combined. Both moderated and unmoderated formats are supported, spanning single-session, multi-session and longitudinal studies. Coverage is described across Windows PC, iOS, Android and Steam, genres including RPG, shooter, casual, strategy and simulation, and lifecycle stages from prototype and beta to soft launch and live ops.

The company's current positioning is as an "AI partner for the gaming ecosystem," offering role-based AI agents rather than task tools. A Unity Co-Developer agent is built natively into Unity and is described as reading scenes, writing, refactoring and compiling C# scripts with reversible change receipts, producing validated builds and filing defects, and retaining project conventions across releases; it is offered on usage-based pricing. Additional agents are listed as forthcoming and gated behind waitlists: Xorin (Unreal support, C++), a Playtest Researcher that analyses gameplay data and generates study-goal-aligned reports, a Market Analyst that monitors genre trends and competitor moves with cited signals, and a User Acquisition agent for distribution channel selection. Underpinning these is "Studio Brain," described as a persistent multimodal intelligence layer that learns from players, developers, knowledge documents and game data and acts as shared context for humans and agents. The company advertises enterprise-grade infrastructure, data isolation, role-based access controls and IP protection for sensitive game IP.

Lysto's earlier identity was substantially different: founded in 2021 as a blockchain/NFT company aiming to bring gamers and their credentials on-chain, with APIs, tools and infrastructure intended to let developers, creators and brands integrate NFT functionality without blockchain expertise. In 2022 it launched the "Proof of Play Protocol" (PoPP) to standardise gamer credentials and reputation, issuable by games and tournaments or self-generated by gamers as trophies, game and social badges, and game-tester tokens.

Founding story

Reported as founded in 2021 by a team with backgrounds in blockchain technology and digital rewards, with the stated aim of driving mainstream NFT adoption by making blockchain integration accessible to developers, creators and brands. Sadiq Ahamed is identified as founder and CEO and Iqbal Ahmed as co-founder and COO.

Business model

B2B software and services sold to game studios. Sources describe the earlier entity's model as B2C and B2B2C, while current materials describe studio-facing offerings: managed playtesting and player-experience research studies (recruitment, session capture, AI plus expert analysis, dashboard access) and AI agents licensed by role, with the Unity Co-Developer agent priced on a usage basis. A tiered adoption path is presented: hire a single AI teammate, deploy a multi-agent team around a function, or connect Studio Brain across the game lifecycle for a studio-wide deployment.

Usage-based pricing is stated for the Unity Co-Developer agent; other agents and the playtesting service route through sales contact ('Talk to us', demo requests, consultations) with no published pricing.

Traction

Marketing materials claim 100,000+ player-experience data points, 1,000+ game user research studies across genres and platforms, a registered player panel of over one million users, player coverage across more than 80 countries and a 48-hour turnaround time. A named customer testimonial from Games 24x7 describes using structured playtesting across multiple rounds to isolate first-time-user-experience and comprehension barriers from core gameplay as retention drivers. Metrics are self-reported by the company and not independently verified in the sources.

Latest developments

Current sites present a shift toward agentic products: a Unity Co-Developer agent available on usage-based pricing, the Studio Brain intelligence layer, and waitlists for Xorin (Unreal), a Playtest Researcher, a Market Analyst and a User Acquisition agent. No dated announcements accompany these listings in the sources.

Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

Positions itself as an AI-native operating layer for game studios spanning development, player experience research and monetisation/growth, contrasted with fragmented point tools. Earlier positioning was as a web3 gaming credentials platform aiming to build a large global gaming community. Available sources do not provide market share or ranking data.

Stated differentiators include role-scoped AI 'teammates' with defined responsibilities, inputs and autonomy settings rather than single-purpose tools; native game-engine integration with reversible code edits; a shared persistent context layer (Studio Brain) across agents; combined AI plus expert game-user-research analysis; a large verified player panel with demographic and gameplay-behaviour filtering alongside BYOP recruitment; and stated 48-hour study turnaround with enterprise security and IP controls.

Technology

AI analysis of gameplay recordings, voice and emotional reactions to structure sessions and surface friction, hesitation and comprehension gaps, combined with expert researcher review. Studio Brain is described as a persistent, multimodal intelligence layer trained on player data, developer activity, knowledge documents and game data, serving as shared context for humans and agents. Engine-native agents integrate into Unity (C# generation, refactoring and compilation, build validation, reversible edits) with an announced Unreal counterpart producing C++. Infrastructure is described as enterprise-grade with data isolation and role-based access controls. The earlier product stack consisted of blockchain/NFT APIs and infrastructure plus the Proof of Play Protocol for on-chain gamer attestations.

Go-to-market

Direct, sales-led motion via website contact, demo requests and free consultations, plus waitlists for unreleased agents. Social proof is presented through studio testimonials (Games 24x7) and claims of global studio coverage. Product entry points are designed as land-and-expand: begin with one agent or one playtest study, then extend to agent teams and the Studio Brain layer.

Game studios and their internal functions — developers using Unity or Unreal, user researchers and product managers, growth/user-acquisition teams, and community/Discord managers. Studio testimonials cited include Games 24x7. Research coverage spans mobile, PC and console-adjacent platforms and multiple genres and development stages.

Geography

Sources indicate India-linked origins (Indian venture press coverage and an Indian startup database listing) and claim player coverage across 80+ countries and studios served globally. No specific headquarters address is stated in the sources.

History

Founded in 2021 as a blockchain gaming venture focused on bringing gamers and their credentials on-chain. It raised $3 million in seed capital in November 2021 from BEENEXT, Better Capital, Cloud Capital and others, then $12 million in a pre-Series A round announced in August 2022 from Square Peg, Beenext, Hashed, Tiger Global and Better Capital, with angel participation. Around that round it launched the Proof of Play Protocol to standardise gamer credentials and reputation. Current web properties show the company operating as a game-studio software vendor providing player-experience research, structured playtesting and a suite of role-based AI agents plus the Studio Brain context layer; the sources do not date or describe this transition.

Risks & controversies

Name ambiguity is significant: a separate US company also called Lysto (lysto.ai, revenue intelligence for startups, Y Combinator Summer 2023, New York City, listed as Inactive) is conflated with this company in at least one aggregator profile, which mixes that company's founders and description with the gaming company's 2021 and 2022 funding rounds; that aggregator content was therefore treated as unreliable for company facts. The business has also undergone a substantial repositioning from blockchain/NFT gamer credentials to AI tooling for studios, and several flagship agents remain unreleased and waitlisted. Traction figures are company-reported without third-party verification.

Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Countries with player coverageJan 202580
EmployeesJan 202521 to 40
Funding roundsAug 20222 rounds
Game user research (GUR) studies completedJan 20251,000 studies (1,000+)
Player experience (Px) data pointsJan 2025100,000 data points (100,000+)
Registered player panel sizeJan 20251,000,000 registered users (1M+)
Study turnaround timeJan 202548 hours
Total funding raisedAug 2022$15M

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Timeline · 4

launches, deals, and filings
Jan 2025
Unity Co-Developer agent and Studio Brain offered to studios

Company website markets a Unity-native co-developer agent on usage-based pricing and 'Studio Brain', a persistent multimodal intelligence layer for game studios, alongside waitlists for Unreal (Xorin), Playtest Researcher, Market Analyst and User Acquisition agents.

source ↗

Aug 2022
Lysto raises $12M pre-Series A

Lysto announced a $12 million (Rs 95.5 crore) pre-Series A round from Square Peg, Beenext, Hashed, Tiger Global and Better Capital, with angel participation from Balaji Srinivasan, Paul Veradittakit, Binny Bansal, and CoinGecko co-founders Bobby Ong and TM Lee.

$12M source ↗

Jan 2022
Launch of Proof of Play Protocol (PoPP)

Lysto launched the Proof of Play Protocol to standardise gamer credentials and reputation across the industry; attestations can be issued by games or tournaments, or auto-generated by gamers as trophies, game and social badges, and game-tester tokens.

source ↗

Nov 2021
Lysto raises $3M seed round

NFT/gaming startup Lysto raised $3 million in seed capital from BEENEXT, Better Capital, Cloud Capital and other investors.

$3M source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

Research sources · 7

primary sources listed

7 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Lysto do?
Indian-founded Lysto builds AI agents and player-experience research tooling for game studios, evolving from an on-chain gamer credentials platform.
Who are Lysto's investors?
Lysto's investors include Better Capital, Square Peg Capital, BEENEXT, Hashed, Tiger Global Management.