Product Counsel

PAC-MAN chomps onto Nex Playground. September 23, 2026 Today, Nex Playground launched PAC-MAN on NEX, a new motion-powered take on PAC-MAN(TM). Designed for Nex Playground, the game transforms the iconic Maze-chase gameplay into an active experience where players use their own movements to guide PAC-MAN through the Maze. More than 45 years after PAC-MAN first arrived in arcades, PAC-MAN on NEX gives longtime fans a new way to experience a gaming classic while introducing it to a new generation of players. Instead of using a joystick or controller, players move their arms to steer PAC-MAN through the Maze, collecting PAC-Dots, grabbing Power Pellets, and dodging Team Ghost: Blinky, Pinky, Inky, and Clyde. The result keeps the familiar strategy and High-Score chasing at the heart of PAC-MAN while turning it into an active experience designed for the living room. PAC-MAN on NEX will feature three distinct game modes, giving players different ways to experience PAC-MAN on Nex Playground, from the classic Maze-chase gameplay fans know and love to new competitive and cooperative experiences designed for active family play: * Classic Mode: The original PAC-MAN experience, reimagined with motion controls. Players use arm movements to guide PAC-MAN through the Maze, collecting PAC-Dots and Fruit, grabbing Power Pellets to turn the tables on Team Ghost, and chasing a High-Score while clearing each stage. * Showdown Mode: A new, fast-paced competition where up to four players share the Maze and compete across three rounds to outlast their opponents and earn the highest score. Showdown also introduces a new Jump mechanic, allowing players to dodge Ghosts, other players, and attacks. When a player is eliminated, they return as a controllable Ghost, keeping everyone in the action until the round ends. * Team Chomp Mode: A co-op mode for two to four players that challenges families and friends to clear the Maze together. Players caught by a Ghost become trapped in a cage, leaving their teammates to race to their rescue and work together to complete the stage. Beyond the three modes, PAC-MAN on NEX gives players more to discover as they play. Progressing through Classic Mode unlocks new themed Mazes for the other game modes, transporting PAC-MAN from the familiar arcade Maze to environments inspired by jungles, oceans, desert temples, frozen tundras, and cherry blossom gardens. Showdown also introduces new power-ups - including Jelly Balloon Drop, Slime, and Speed Boost - that add new twists to the competition. "PAC-MAN is a game so many of us grew up with, which makes it especially fun to now see kids experience it in a completely different way," said David Lee, CEO and Co-Founder of Nex. "We wanted to preserve everything that makes PAC-MAN immediately recognizable while asking what the game could feel like if you could control it with your own movement and play it with the whole family. Working with Bandai Namco gave us the opportunity to turn a classic people have loved for generations into something families can rediscover together." PAC-MAN on NEX and how it reimagines the original game with motion controls and multiplayer modes is a truly innovative way to experience the arcade classic again for veteran gamers or discover the joy of it for new fans. Susan Tran, Sr. Director of Brand Development for PAC-MAN at Bandai Namco Entertainment America Inc. "PAC-MAN has become an ambassador for video games as an icon that crosses generational boundaries and represents the wholesome fun that games can deliver," said Susan Tran, Sr. Director of Brand Development for PAC-MAN at Bandai Namco Entertainment America Inc. "PAC-MAN on NEX and how it reimagines the original game with motion controls and multiplayer modes is a truly innovative way to experience the arcade classic again for veteran gamers or discover the joy of it for new fans." Players can experience PAC-MAN on NEX exclusively on Nex Playground through Play Pass, the content subscription service that unlocks the full catalog of games and experiences on Nex Playground. The game launches with single-player Classic Mode, with multiplayer experiences for up to four players planned to follow shortly after launch. Explore all games

Nex raises $150 million in new equity and debt financing. S SuperbCrew is a trusted resource for discovering innovative companies, emerging startups, and the latest technology trends. Nex, the company behind the Nex Playground active-play console, announced more than $150 million in new equity and debt financing. This Series E round supports international expansion, inventory/supply chain needs, go to market efforts, content growth, and scaling operations amid strong U.S. momentum. Nex's recent $150 million round is a Series E co-led by Baillie Gifford and BAI Capital. Participants include NBA Investments, Logitech, Medici Capital Partners, and the Raine Group. Nex also secured a new credit facility with JPMorgan. Roughly half the total is equity and half debt, reflecting the capital intensity of hardware production, inventory builds for global rollout, and higher component costs (including memory shortages affecting the broader console industry). PitchBook data indicates prior raises included a $13M Series A (2019) and $25M Series B (2021), with total capital raised reaching approximately $218M after this round (figures vary slightly by source depending on inclusion of debt or earlier rounds). The Raine Group acted as exclusive financial advisor; Wilson Sonsini provided legal counsel. Baillie Gifford highlighted the long term potential of Nex's model: a console that makes active family play easy, paired with a subscription library that builds lasting relationships and compounds value. BAI Capital noted the scalability of combining proprietary AI powered motion technology/hardware with content and recurring revenue. Nex Playground has surpassed 1 million units sold. It is available in more than 7,000 U.S. retail locations, including Costco, Sam's Club, Target, Walmart, and Best Buy. The subscriber base (Play Pass) has grown sevenfold over the prior 18 months and is approaching 1 million active subscribers, with expectations to exceed that by year end 2026. This converts one-time hardware purchases into ongoing relationships through new content. The platform offers more than 60 games spanning music, sports, fitness, party, and learning, featuring licensed properties such as Bluey, Barbie, Kung Fu Panda, Peppa Pig, and others. Upcoming titles include NFL Flag, Dude Perfect Trickshot Challenge, PAC-MAN (with Bandai Namco), and additional partnerships. External developers are engaging; for example, Smoking Gun Interactive's Freefall Racers (originally a Kinect title) was adapted and quickly reached strong engagement metrics. Nex emphasizes selective partnerships focused on multi-generational accessibility, shared play, engagement, and safety (no ads, no in-app purchases). Pricing has risen over time (from an earlier ~$199-$249 range to around $299 in some markets, with UK pricing at £269 and Germany planned at €319), driven partly by component costs. An annual Play Pass subscription adds further recurring revenue. Leadership Additions Jeff Shouger joined as CFO and board member. He previously served as CFO of Niantic (where he led capital raises and helped oversee the sale of the games business to Scopely) and held senior finance roles at Zynga (including during its IPO and growth phase), with earlier experience at EA. Bing Gordon, a veteran gaming and technology executive, also joined the board. Gordon was an early Electronic Arts executive and later Chief Creative Officer, then a long time Kleiner Perkins partner focused on consumer tech and gaming; he previously served nearly 15 years on Amazon's board. CEO and co-founder David Lee described the investment as enabling Nex to become a "100-year company" by bringing active play to millions more families globally, while noting the new executives' experience building enduring businesses. President Thomas Kang has highlighted that the UK launch is beating forecasts. How will Nex use the funds? Primary uses include: * International expansion: Germany later in 2026; Japan and Korea in 2027; continued focus on the U.S., UK, and Ireland; broader Europe and Asia to follow. * Inventory, supply chain resilience, and go to market support. * Content ecosystem growth and new features such as Connected Play (enabling play across households/distances). * Scaling operations to match consumer demand. Nex positions the Playground as a controller free, AI/camera based motion system that turns passive screen time into active, multi generational family play, distinct from traditional gaming consoles and more akin to a modern evolution of Kinect/Wii-style experiences targeted at families rather than core gamers. The raise occurs against a selective investment environment in gaming and interactive entertainment, underscoring investor confidence in Nex's traction. Hardware sales have been notably strong in holiday periods (including outselling Xbox in the U.S. during parts of the 2025 holiday window in some reports), with ongoing growth in 2026. The combination of hardware reach, high subscription conversion/retention signals, licensed content pipeline, and long term oriented investors (Baillie Gifford's horizon emphasis aligns with Lee's category building view) supports ambitions to scale into a durable platform. Challenges include hardware cost pressures (memory and components), the need to sustain content depth and discovery as the library grows, licensing economics, and competition from broader entertainment platforms offering lighter party/family experiences. Analysts have noted the device occupies an additive "family/active play" niche rather than directly competing head to head for the same dollars as traditional consoles, while cautioning that continued success will depend on software/content strength as the value proposition evolves with pricing. The $150M+ package provides substantial resources for Nex to professionalize finance and governance, fortify its supply and retail footprint, accelerate geographic and feature expansion, and deepen its content and community model at a moment of proven product market fit in the family active-entertainment category. Please email SuperbCrew your feedback and news tips at hello(at)superbcrew.com

Nex raises over $150m to take Nex Playground global. Nex Playground has surpassed 1m units sold and is distributed across more than 7,000 US retail locations September 21, 2026 | Date | Type | Companies Involved | Size | | Sep 21, 2026 | investment | Nex | $150m | * The platform's subscriber base has grown sevenfold in 18 months and is approaching 1m subscribers. * Germany is planned for later this year, while Japan and Korea are targeted for 2027. Nex has raised more than $150 million in new equity and debt financing to expand the reach of its Nex Playground console across the globe. The company said it will also use the capital to broaden retail distribution and grow its content ecosystem with gaming and entertainment partners. The financing includes a Series E led by Baillie Gifford and BAI Capital, with participation from NBA Investments, Logitech, Medici Capital Partners and the Raine Group, alongside a new credit facility from JPMorgan. The financing comes after Nex Playground surpassed 1m units sold, with the system now distributed across more than 7,000 US retail locations including Costco, Sam's Club, Target, Walmart and Best Buy. Nex claims that its subscriber base has also grown sevenfold over the past 18 months and is approaching 1m subscribers, a milestone the company expects to pass by the end of 2026. Global expansion Nex Playground currently offers more than 60 games spanning music, sports, fitness, party and learning, including experiences featuring Bluey, Barbie, Kung Fu Panda and Peppa Pig. Upcoming content includes NFL Flag, Dude Perfect Trickshot Challenge and Pac-Man with Bandai Namco Entertainment. The company is also developing Connected Play, which will allow families to play together across different households and distances. Following expansion into Canada, the UK and Republic of Ireland, Germany is planned for later this year, with Japan and Korea targeted for 2027. Nex has also appointed former Niantic CFO Jeff Shouger as CFO, with Shouger and gaming industry veteran Bing Gordon joining its board. "Families have timeless needs: to move, grow, connect, and have fun," said Nex CEO and co-founder David Lee. "The response to Nex Playground has shown us that active play can serve those needs at a meaningful scale. We are building Nex to be a 100-year company. "This investment gives us the resources to bring active play to millions more families around the world, and Jeff and Bing bring extraordinary experience building enduring gaming and technology companies. I'm thrilled to have them with us for this next chapter."