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BUSINESS PRODUCTS & SERVICES | Consulting & Outsourcing / Project Management
knowledgerevolution.com.au

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Stage

Series B | Alive

Total Raised

$1.2M

Last Raised

$1.2M | 24 yrs ago

About Knowledge Revolution

Knowledge Revolution is an Australian owned and operated consulting company. Knowledge Revolution offers services in business process and systems analysis, software development, project management, training needs analysis, creation of training materials and training delivery, user and technical documentation, policy and procedure writing.

Knowledge Revolution Headquarter Location

50 Pelican Parade

QLD 4208,

Australia

Latest Knowledge Revolution News

Roblox CEO Baszucki is worth over $4 billion, and his college bud's VC firm just made a windfall

Mar 10, 2021

"He wanted to build an engine that in simple 2D grayscale could mimic real-world physics and allow people to build experiments and then run them," said Rimer, who majored in history and economics at Stanford, in an interview over Zoom on Wednesday. Based on that concept, Baszucki started a company called Knowledge Revolution in 1989 and sold it almost a decade later to MSC Software for $20 million. A few years later, he came up with Roblox to expand beyond educational use, aiming for a more mainstream audience. 'Kind of kicked myself' Rimer says he and Baszucki stayed in touch and he followed the company from its early days. But it wasn't until 2017 that Index first invested in Roblox, co-leading a $92 million round at a valuation of about $500 million. The firm followed on with additional investments totaling at least $34 million, according to Roblox's prospectus . "I kind of kicked myself for not having invested earlier," Rimer said. "When you're building something like this it's not going to look like much for quite a long time." For Index, which has billions of dollars under management, the investment became more compelling after Roblox was proving its popularity across multiple platforms while figuring out how to make money along the way. In 2018, which is as far back as its prospectus goes, Roblox generated $325 million in revenue. According to research firm SensorTower , Roblox had revenue of $45.7 million in 2016. Rimer may have missed his opportunity to get in at the early stage, but he got there at the right time to take advantage of Roblox's viral growth . With kids stuck at home during the pandemic, revenue last year surged 82% to $923.9 million, mostly from sales of virtual items within games, after jumping 56% in 2019 to $508.4 million. Players spent 30.6 billion hours on the app last year, up 124% from 2019. Among Roblox's millions of user-created games are titles that let kids adopt virtual pets, hang out with friends at theme parks and work at a pizza company. It's all part of Baszucki's plan to build a so-called metaverse, with users "interacting together by playing, communicating, connecting, making friends, learning, or simply hanging out, all in 3D environments," as laid out in the prospectus. Rimer, whose firm previously invested in gaming companies Supercell, Playfish and King, said he doesn't spend much time in Roblox, though he's thoroughly entertained by Baszucki's demos at the quarterly board meetings. Rimer said he attended rapper Lil Nas X's virtual concert in November, which attracted more than 30 million visitors over two days. "I found that to be quite an eye-opening experience," Rimer said. "I could actually see how you can imagine going to concerts this way with friends and family. It didn't feel contrived. It felt like a good use of the medium." David Sze of Greylock Partners led an investment in Roblox in 2018 at a valuation of about $2.5 billion. Sze, who previously backed Facebook , LinkedIn and Pandora, wrote in a blog post at the time about how he remembered Baszucki demoing the early versions of Roblox "each year to kids at our school's Science Fair." Greylock's investment has increased in value by more than 15-fold in under three years. Sze told CNBC's " Power Lunch " on Wednesday that, while gaming may be the core of the business now, Roblox is in a position to "realize the idea of the metaverse that was first thought of many many years ago by science fiction writers as a virtual shared space where people can share all kinds of things."

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