Matt Martin 14:39 (BST)
29/07/2008

Heatwave Interactive has secured USD 7.5 million to develop new and licensed videogame properties.

The studio was formed by Star Wars: Galaxies and Ultima Online vet Anthony Castoro in early 2007, and plans to develop games for exploitation across multiple media.

"Games are a powerful platform for creating mainstream brands and IP, however the game industry is notorious for missed deadlines, excessive 'crunch,' and formulaic licensed games," commented Castoro.

"Heatwave has taken lessons from game industry veterans as well as seasoned professionals from other media sectors to create a new model that is more disciplined and provides a more productive creative environment.

"The result is an entity that will generate successful new game IP that will easily crossover to other media formats."

The cash injection has come from investment firm Syncom Venture Partners, and as part of the deal the company's Stan Smith and Tony Thomas have been appointed to Heatwave's board of directors.

"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," offered Smith.

"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."