HUXLEY (ROGUELIKE)
Vertpaint Studios — UK
3D narrative roguelike action set in Ben Mauro’s Huxley universe — Ronin clone lifecycle as run loop, persistent AI companion (Huxley-the-robot) as meta-narrator. $5M HG co-dev in $18M project (Mauro IP equity $4M + co-financier $9M) — check revised from $8M (Dan, 2026-08-11). Direction A of A>B test on Huxley IP.
STUDIO
TBD (BIG MEDIUM SMALL PRIMARY CANDIDATE)
TYPE
CO-DEVELOPMENT (HG SENIOR CO-FINANCIER)
HG CAPITAL
$5.0M OF $18M
STATUS
CONDITIONAL — STRONG WITH EXECUTION-DEPENDENT UPSIDE
DOCUMENT DATE
SEPTEMBER 6, 2026
PREPARED BY
HELLO GIANT CAPITAL · DAN BUNTING
HEADLINE METRICS
METRIC
BEAR
BASE
BULL
WEIGHTED
Lifetime units
200K
750K
2.0M
—
HG MOIC
0.81x
2.54x
5.71x
2.40x
HG XIRR
−5.8%
29.6%
60.7%
27.7%*
HG proceeds
$4.06M
$12.70M
$28.56M
$12.01M
Model status — Weighted MOIC pairs with the 27.7% IRR of probability-weighted cash flows. This is not E[IRR]: expected IRR with the miss branch at −100% is 12.2%, a 15.4 percentage-point spread showing how much of the case depends on avoiding the miss. All figures use the revised $5.0M HG check and were independently recomputed September 6, 2026.
FOUR-INGREDIENT BELIEF SCORE
AUTH
EXEC
ORIG
FANDOM
TOTAL
BM_BASE
BM_BULL
4/5
2/5
5/5
3/5
14/20
1.00
0.90
THESIS
Rare creator alignment — Mauro’s universe was built with the Ronin retirement cycle as core lore. Most roguelikes wallpaper meta-narrative onto a mechanic; Huxley’s narrative GENERATES the mechanic, with Huxley-the-robot as persistent meta-narrator across runs. Mauro’s 12-year AAA concept-design pedigree (Halo Infinite, The Hobbit, Elysium, The Last of Us) sets the visual-quality bar far above a typical AA roguelike. A 3D AA roguelike at $15–20M is near-white-space — opportunity and risk.
KEY RISKS
Studio TBD — highest single execution risk; 3D AA roguelike at this budget = white-space (Curse of the Dead Gods at ~500K is only comp). Pre-T1 hard gate: studio sourced and locked. Big Medium Small (2022 Huxley vertical slice team) is candidate but pivot from FPS to roguelike must validate.
First original-IP video game adaptation of Huxley. Mauro IP equity ($4M) materially aligns IP holder; Mauro retains creative direction.
Bear case loss-making (0.81x); the 30-month development period compresses IRR. The co-financier structure means HG is not the sole capital risk, while the 5.71x bull case makes the deal pencil.
RECOMMENDATION
CONDITIONAL APPROVAL. The most genuine “creative bet” in the slate (Originality 5/5). The IP is validated by approximately $15M in digital-comic sales, the narrative-mechanical fit is clean, and Mauro’s art bar is high.
Before LOI: source and lock the studio, with a vertical-slice scoping document validating the creative direction; paper Mauro’s IP licensing terms, carved from project residual rather than HG’s waterfall; identify and secure the required $9M co-financier; and disclose cross-deal IP concentration across both Huxley opportunities.
WHERE TO GO DEEPER
HuxleyRoguelike_Investment_Memo.docx — full memo
HuxleyRoguelike_Financial_Model.xlsx — deal model
Huxley Awakens/HuxleyAwakens_Investment_Memo.docx — Direction B companion deal
Hello Giant Capital/Hello Giant Capital Cash Flow Model.xlsx — slate position (Game 06)
HELLO GIANT
Los Angeles, CA
MAY 26, 2026
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