Heatwave Interactive gets $7.5 Mn series A financing
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Texas: Entertainment software firm Heatwave Interactive has announced that it has received a $7.5 million series A investment from Syncom Venture Partners for the initial funding of its 'Central Studio' which will develop new and licensed Video Game IP for exploitation across multiple media channels. According to Anthony Castoro, Heatwave's President and Chief Creative Officer, "Games are a powerful platform for creating mainstream brands and IP, though 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." 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 evaluation process," explained Donn Clendenon, CEO of Heatwave. "Once a concept makes it through this process, Heatwave raises development funds, partners with developers and leverages 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 announce some new projects in the coming months, the company also announced.

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