OnLive lands 'major' funding
AT&T, Warner Bros, more contribute to "by far...largest" investment in on-demand game-streaming service in anticipation of winter launch.
OnLive appears to be on track for its launch this winter. Earlier this month, the on-demand game-streaming service entered a beta-testing phase, opening up its servers to select gamers of various different system specifications to work the kinks out of OnLive's underlying technology and content-delivery mechanisms. Today, OnLive said it had landed its most significant round of funding yet to help finance the service's launch within the next several months.
The Series C, or third round, of funding included participation from AT&T Media Holdings, Lauder Partners, Warner Bros., Autodesk, and Maverick Capital. The company notes that Warner Bros., Autodesk, and Maverick Capital had all contributed to previous rounds of investment, and that the Series C funding was "by far OnLive's largest closing." Specific details of the investment were not disclosed.
Cofounder and CEO Steve Perlman offered a brief note on the funding and what it means for the company, writing on the company's blog that the investment was "much larger than our previous rounds and gives us a serious jolt of rocket fuel as our beta progresses."
"We are both pleased and inspired that our investors share this vision with OnLive," he continued. "Not only do they see the value in OnLive in particular, but they also understand the significance of what OnLive is doing to lead a massive sea change in interactive media distribution. We are grateful that they have not only provided OnLive with their support, but they have also provided OnLive with such a strong endorsement."
OnLive has previously announced significant support from a range of publishers and developers, including Electronic Arts, Ubisoft, Take-Two, THQ, and Warner Bros. Interactive Entertainment. The company has yet to nail down how much it will cost.
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