Legend3D today announced it has closed a $19 million Series E Preferred Stock offering, led by Northwater Capital Management with participation by return investors PAR Investment Partners and Augustus Ventures Limited. The 3D conversion studio said it is now in a better position to meet demand for 3D content, but intriguingly also said the financing enables Legend3D to partner with content owners on 3D film and television projects in exchange for a long-term revenue share.
The company’s work to match 3D converted scenes to live-action 3D shots can be seen in movies including Martin Scorsese’s Hugo, Michael Bay’s Transformers: Dark of the Moon, and Rob Marshall’s Pirates of the Caribbean: On Stranger Tides.
One of Northwater Capital Management’s speciality areas is intellectual property based investments. “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 chief executive officer of Northwater Capital Management. “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 has a proprietary 2D-to-3D conversion process, pipeline and methodology that combines technology with artistry.
Dr. Barry Sandrew, founder, chief operating officer and chief technology officer of Legend3D, said, “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.”