Legend3D Raises $19 Million In VC Funding to Meet Rising 3D Demand
Proceeds Enable Top Stereo VFX Company to Enhance its Industry-Leading 3D Conversion Technology and Financially Partner with Major Studios and Content Owners on 3D Projects
SAN DIEGO, Dec. 12, 2011 /PRNewswire/ -- Legend3D , the leading innovator in 2D-to-3D conversion technology, today announced that it closed on a $19 million Series E Preferred Stock offering, to further expand its leadership in 3D conversion. Secured proceeds will fund ongoing R&D efforts to enhance Legend3D's proprietary 3D conversion pipeline, helping the company meet the swelling demand for 3D content while continuing to deliver the highest quality material at the most competitive pricing. Additionally, the financing enables Legend3D to forge partnerships with content owners on 3D film and television projects, funding the 3D conversion in exchange for long-term revenue sharing participation in the 3D content. The financing was led by Northwater Capital Management, which makes strategic investments in intellectual property, and is joined by return investors PAR Investment Partners, L.P.; and Augustus Ventures Limited.
"Legend3D has redefined the art of 3D storytelling, allowing audiences to experience entertainment outside the boundaries of a 'flat' world," said David Patterson, Chair and CEO of Northwater Capital Management. "With the recent success of films such as Martin Scorsese's Hugo , 3D storytelling is primed to sweep audiences worldwide, making it increasingly critical that the technology behind-the-scenes offers today's content creators a toolset without limits. We eagerly await the conversion work that will come to fruition as a result of this commitment to Legend3D."
Legend3D uses a proprietary 2D-to-3D conversion process that combines skilled artistry with technology to enhance filmmakers' storytelling, deepening their connections with audiences across the big screen and in home theaters worldwide. The company's proven conversion process, pipeline and methodology allow Legend3D to deliver incredibly complex scenes in the highest quality 3D—essentially indistinguishable from camera-captured 3D material. Of note, Legend3D's unique, streamlined conversion process has been utilized to seamlessly match 3D converted scenes to live-action 3D shots for major Hollywood blockbusters such as Hugo, Transformers: Dark of the Moon, Pirates of the Caribbean: On Stranger Tides, Green Lantern and The Smurfs.
Dr. Barry Sandrew, founder, COO and CTO of Legend3D, commented, "As we strive to push the envelope for 3D storytelling beyond anything that the industry has experienced to date, our efforts are strengthened by the synergistic alignment with Northwater Capital, among other return investors. With Northwater Capital's proven track record in supporting innovation within the intellectual property space, this funding marks an incredible opportunity to further hone our 3D conversion pipeline and develop advanced 3D structures to benefit our industry partners. Marrying these proceeds to our talented team of stereographers will help us make the 'impossible' possible in a 3D world."
For more information about Legend3D and its work, please visit the company's website . For press inquiries, contact Taryn Unruh at 619-234-0345, or unruh@formulapr.com.
About Legend3D
As the largest U.S.-based 3D conversion studio in the film industry, Legend3D, Inc. is a dynamic digital media and visual effects company. Founded in 2001 by Dr. Barry Sandrew, Legend3D utilizes patented 2D-to-3D image conversion technologies to enhance filmmakers' storytelling by creating the highest-quality dimensional conversions. Legend3D is the most experienced 3D conversion company in the industry and has completed 3D conversions for major motion pictures such as Hugo, Transformers: Dark of the Moon, Pirates of the Caribbean: On Stranger Tides, Green Lantern and The Smurfs. Legend3D's clients include Bay Films, Paramount Pictures, Warner Bros. Pictures, Columbia Pictures, Sony Pictures Animation, Sony Pictures Imageworks, Walt Disney Studios, DreamWorks Animation, Lionsgate, Screen Gems, Hewlett Packard, M&M Mars, New Balance, the Michael Jackson Tour, and MTV. Legend3D's conversion artists are rapidly setting the industry standard for 2D-to-3D conversion and continue to help filmmakers connect with audiences worldwide. For more information, visit www.Legend3D.com
Congratulations to my friend Barry and Legend3D! Onward and upward...
