A vintage gaming startup founded by tech entrepreneur Palmer Luckey is reportedly seeking new funding as it looks to expand its presence in the retro gaming market. According to a business newspaper, the company ModRetro is currently in discussions with investors to raise capital at a valuation of $1B, highlighting growing interest in nostalgic gaming hardware.
The company introduced its first product in 2024, a handheld gaming console called Chromatic, designed to resemble the classic Game Boy. The device focuses on recreating the experience of vintage portable gaming. A technology publication reviewer, Sean Hollister, described the Chromatic as something that “might be the best version of the Game Boy ever made.” However, he also noted that separating the device from Luckey’s broader reputation as the founder of defense technology company Anduril Industries was difficult. He posed a pointed question to readers: “If Lockheed Martin made a Game Boy, would you buy one?”
Luckey previously explained that the project has been a long-running personal effort. He said he had been attempting to build a Game Boy-inspired device “off and on as a hobby for almost seventeen years now.” Describing the design philosophy behind the Chromatic, he said the console resulted from “hundreds of irrational decisions” that ultimately created “an uncompromisingly authentic celebration of everything that made the console special.” The company is also reportedly working on additional hardware, including a device designed to replicate the classic Nintendo 64, which remains one of the most iconic gaming systems of the late 1990s.
At the same time, Luckey’s defense technology venture Anduril Industries is reportedly pursuing its own expansion. The company, which focuses on autonomous defense systems and military technology, is said to be in discussions to raise a new funding round that could value the business at $60B. The report also noted that the Trump administration appears to have embraced Luckey’s vision for autonomous weapons, highlighting the entrepreneur’s growing influence across both defense technology and consumer hardware sectors.
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