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.
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Austin, Texas (PRWEB) July 29, 2008
Heatwave™ Interactive announced today 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."
Heatwave™ Interactive will be announcing several new projects in the coming months. "It's only been a short period of time since SYNCOM welcomed Heatwave into our portfolio, but we are thrilled with the early progress the company has made in developing its initial slate of projects," said Stan Smith of SYNCOM. "We are highly confident that Heatwave will be at the forefront of a paradigmatic shift in how interactive entertainment intellectual property is developed and exploited. Equally exciting, Heatwave's model will provide a new vehicle for investors to better assess and mitigate risk and ultimately participate in the lucrative interactive entertainment industry." As part of the transaction, Heatwave appointed SYNCOM's Tony Thomas and Stan Smith to its board of directors.
About Heatwave™ Interactive:
Founded in early 2007 by games industry veteran Anthony Castoro (EA, Sony Online Entertainment, Codemasters) and successful entrepreneur Donn Clendenon (MPG-Net, World Gaming Corporation, I-Sun Networks), 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.
About Syncom Venture Partners:
SYNCOM is the leading venture capital firm primarily focused on early to mid-stage investments in underserved segments of the media and communications industry. SYNCOM pioneered this investment strategy beginning in 1977 and has been involved in the creation of many of the most successful and visible African American- and Hispanic-owned media and communications companies over the last 30 years. A number of Syncom-led media and communications companies representing in excess of $10 billion in enterprise value have gone public or been acquired by major companies. These include: BET, Radio One, XM Satellite Radio, Z-Spanish Radio Network, Buenavision Cable, District Cablevision, El Dorado Communications, and Pueblo Broadcasting.
Interested parties can email info @ heatwaveinteractive.com, or visit the website at http://www.heatwaveinteractive.com for more information.