Redwood, Calif.-based MMO developer and publisher Trion World Network has closed a $70 million series C funding round.

The new funding, which was co-led by “a large global financial institution” and Act II Capital, adds to the $30 million Trion netted last year, meaning the company has now raised over $100 million since its formation in 2006.

Trion currently has its first two projects in development, one a fantasy MMORPG helmed by Might and Magic creator Jon Van Caneghem, the other an MMO co-developed in partnership with the Sci-Fi Channel.

“This signifies a shift away from static retail products and towards games as dynamic services, which will be simulated increasingly ‘in the cloud’,” said Trion co-founder and CEO Lars Buttler (pictured).

“With its industry-defining server-based games platform, worldwide publishing capabilities, an ever-growing network of AAA development studios, unrivaled partnerships in media and technology, and now significant capital in the bank, Trion is uniquely positioned to be a leader in the next cycle of electronic entertainment.”

Picture: VentureBeat