Short Fuze has received £1m in order to bring a new product for filmmakers to market.
The funding comes from IQ Capital (IQC) in a deal co-led by Create Partners and also involves a number of experienced business angel investors.
The deal should accelerate the commercial launch of Moviestorm, which utilises Maxinima technology, which Short Fuze already uses to develop videogames.
Matt Kelland and David Lloyd founded the company in 2003, after they sold their mobile game company nGame to Mforma Inc.
“It is a great endorsement for the company and our technology,” said David Bailey, chief executive officer of Short Fuze.
“We are delighted with our successful fund raising, our investors have been very supportive of our aspirations and the capital that they have provided will be used to accelerate the development of our technology and speed our progress to market, through the strengthening of our product development team and to increase our business development activities.
“Having such high calibre investment partners on board underlines how far we have come since our seed round of funding”.
Moviestorm beta test version is already available and it is anticipated the company will be in position to launch the first commercial version in the summer of 2007.
Boyd Mulvey of Create Partners said: “We first invested in Short Fuze a year ago as part of the seed funding round and are pleased to see how much progress the company has made in this time.
“I am pleased to be joining the board as part of this significant funding round alongside IQ Capital.”
© Crimson Business Ltd. 2007
