Legend Films Successfully Raises $5 Million in Venture Capital Funding
Legend Films, a global entertainment and digital media company, has closed on a $5 million Series E Preferred Stock offering. The lead investor was Augustus Ventures Limited, with participation by Legend’s largest shareholder -- Boston-based equity fund Par Investment Partners. The proceeds are being used to fund Legend’s investment in its new 3D conversion technology, growth in Legend’s Home Entertainment business, and its successful Web 2.0 business at RiffTrax.com.
Legend Films, in partnership with digital imaging innovator Passmorelab, has created cutting-edge technology and processes for converting 2D film and video into stereoscopic 3D. This technology can transform any movie or TV show into 3D for in-theater or in-home viewing. By next year there will be thousands of 3D-enabled theaters, and millions of 3D-enabled television sets in the United States. With major studios and directors now committed to 3D releases for many of their upcoming feature films, the stage is set for a new 3D era in theater and home entertainment.
Legend Films is primed to lead in content generation for this massive market opportunity based upon our vast experience in adding value to existing films and TV and our exceptional reputation with all the major Hollywood studios. “The process of converting existing 2D feature films and television episodes into 3D content is a logical extension of Legend Film’s ground-breaking digital colorization process,” said founder Barry Sandrew. “With a powerful base of innovative technology and time-tested production experience, the team of Legend Films and Passmorelab is perfectly positioned to become a leader in the conversion of 2D feature films and television episodes to 3D.” Legend Films is offering conversion services on a fixed-cost basis, a back-end revenue share, or a blended approach.
Our 3D conversion technology is an outgrowth from our industry-leading position in the restoration and colorization of classic films and video. With studios in San Diego, California and Patna, India, Legend Films has color produced over 120 films in the past 6 years including the restoration and colorization of feature films and television episodes for its own library as well as for 20th Century Fox, Paramount Pictures, Universal Studios, Sony Pictures Entertainment, CBS Television, HBO, BBC, Jim Nantz Productions, and ESPN Networks. Most recently, Legend Films produced Paramount’s 2007 color release of It’s A Wonderful Life, and Holiday Inn for Universal Pictures which will be released October 14th, 2008.
Source: BusinessWire
