Palmer Luckey, the visionary behind Oculus VR, has channeled his efforts into fulfilling defense contracts for the Pentagon. His current venture, Anduril Industries, focuses on manufacturing combat drones, yet this hasn’t deterred Luckey from revisiting an old passion. The entrepreneur intends to raise $1 billion to fund a project aimed at breathing new life into classic video game consoles and their accompanying software.
Luckey’s startup, ModRetro, which he established in 2009, derives its name from an online forum he managed during his younger days. This community was a hub for enthusiasts dedicated to modifying the gaming consoles of the 1990s by integrating contemporary features. This concept eventually evolved into a business endeavor, culminating in ModRetro’s launch of its inaugural handheld gaming device, the Chromatic, in 2024.
Reports from the Financial Times indicate that Palmer Luckey is currently engaged in discussions with prospective investors to secure up to $1 billion for ModRetro. This capital infusion is earmarked for the creation of novel hardware and the tailoring of retro games to function on these new platforms. As far back as 2025, the startup’s founder had revealed his long-standing aspiration to develop a portable gadget reminiscent of the Game Boy. He views such an undertaking as a fitting tribute to the iconic gaming machine. In addition to bringing classic titles to the platform through porting, ModRetro also plans to adapt modern games, constrained only by what their hardware architecture permits.
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