Wednesday, July 30, 2008

Heatwave Interactive is an entertainment production company has received a $7.5 million series “A” investment

About Company:
Heatwave Interactive is an entertainment production company developing original and licensed games that crossover to film and television. Staffed by veterans from multiple media industries, Heatwave’s team members are credited with over 50 commercial video games including Wing Commander (series), Battlefield 2 (series), Ultima Online (series), Star Wars (various), Lord of the Rings Online: Shadows of Angmar, and Richard Garriott’s Tabula Rasa. Supporting the Central Studio is a Board of Advisors, including Jason Bell, CEO of Chrysalis Games, formerly of Turbine, Atari, EA, and Kesmai; Ann E. Kronen, formerly of Atari, Humongous Entertainment, Disney, Phillips, and Broderbund Software; and Charles J. Weber, CEO of Weber Communications, formerly of LucasFilm Ltd.

How Much They Got From VCs:

Heatwave Interactive announced that it has received a $7.5 million series “A” investment from Syncom Venture Partners for the initial funding of “Central Studio” which will develop new and licensed Video Game IP for exploitation across multiple media channels.

“Heatwave’s Central Studio has assembled veteran talent from the interactive games, film, television and music industries to create a production studio with a unique business approach,” said Anthony Castoro, Heatwave’s President and Chief Creative Officer. “Games are a powerful platform for creating mainstream brands and IP, however the game industry is notorious for missed deadlines, excessive ‘crunch,’ and formulaic licensed games. Heatwave has taken lessons from game industry veterans as well as seasoned professionals from other media sectors to create a new model that is more disciplined and provides a more productive creative environment. The result is an entity that will generate successful new game IP that will easily crossover to other media formats.”

Heatwave’s innovative business model is designed to minimize the risks traditionally associated with developing new entertainment properties. “We internally fund the development of new concepts and screen them through an exhaustive evaluation process,” explained Donn Clendenon, CEO of Heatwave. “Once a concept makes it through this process, Heatwave raises development funds, partners with talented developers and leverages strategic relationships to bring our products to market. This model enables designers and artists to be creative and innovative while at the same time reducing the risk for investors, publishers and strategic partners.”

More at:www.heatwaveinteractive.com