Heatwave Interactive announced today that it had received a $7.5 million Series A investment from Syncom Venture Partners for "Central Studio" as it looks to develop new and licensed Video Game IP across multiple media channels. It's not clear what the specific plans are but with its team's experience--Founder and CCO Anthony Castoro with experience at Sony Online and team members with time on Tabula Rasa, Ultima Online, and LOTRO as well as time in the television and music industries--it seems like branded MMOGs or virtual worlds could be involved. In fact, Castoro told Virtual Worlds News that everything Heatwave did would have "a strong online component" and that the company was already developin several online-only concepts, including MMOs/
Heatwave says it is working on a new business model for developing IP, internally funding concepts through a screening process, then raising funds and looking for strategic development partners. The company is set to announce 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," Stan Smith of SYNCOM said in a statement. "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 investment, Smith joined Heatwave's board of directors, as did SYNCOM's Tony Thomas.
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