London-based mobile games publisher and distributor Player X has announced a first round of venture capital funding that has raised $7 million (£4 million).
The company has also strengthened its board of directors by appointing SEGA veteran Nick Alexander as Chairman and Fox Kids Europe founder Ynon Kreiz as a Non-Executive board member.
This first round includes investment from venture capitalist Arts Alliance and sports rights company Bullion International, a company founded by Ynon Kreiz. Player X has been in business since early 2004 after initial angel funding from Sean O'Brien, Chairman and Founder of Telstar Entertainment.
Player X will use the funds to aggressively build its mobile games publishing business and to move into other mobile entertainment areas. The company is also expanding its global reach by opening up regional hubs such as the Beijing office that was opened in July 2005, and will shortly announce more regional headquarters.
"This is great news for the company and takes us to the next stage of growth. Having Nick Alexander and Ynon Kreiz on our board is a huge boost for us and we are looking forward to adding more mobile entertainment products to our quality games output. Watch out for some stunning announcements in the coming weeks," said Tony Pearce, CEO of Player X.
""Player X has built an outstanding position in the competitive mobile games market. We are excited to support the company's continued rapid growth in this market and its extension into other areas of mobile entertainment such as video," said Adam Valkin, of Arts Alliance.
The mobile entertainment market is maturing rapidly as operators are now demanding high-quality branded content from preferred publishers and distributors such as Player X. The company is already the preferred aggregator for several mobile operators and has strong relationships with most of the global Tier 1 operators.
"One of Bullion International's objectives has to be to invest in a mobile entertainment company that has a global reach. Our sports rights and Player X's experience in the mobile space make for a very good team and we're very excited about the future," said Ynon Kreiz, Bullion International founder.
NOTES TO EDITORS
PLAYER X - www.playerx.co.uk
Player X publishes and distributes wireless entertainment content through global operators, retailers, internet portals and handset manufacturers.
Since its formation in 2004, Player X has already successfully published leading games and mobile entertainment content onto the largest mobile operators in the industry and rapidly achieved levels of distribution in the key territories around the world.
ARTS ALLIANCE - www.artsalliance.co.uk
Arts Alliance is a venture capital organisation supporting a growing network of entrepreneurs. The company has a 'hands on approach' to investment and provides creative talent and strategic advice to Portfolio Companies in the technology and services, and communications sectors.
Arts Alliance's early Portfolio Companies were among the first companies to deliver new and compelling user experiences: user-centric companies that recognised the Web's ability to unite people, speed communications, create new entertainment channels and distribution networks, give consumers access to new markets and simplify all kinds of transactions.
Arts Alliance has matured along with its Portfolio Companies and is now looking for the next wave of user-centric companies: those that will harness technology developments to bring customers benefits that we can only glimpse today.
BULLION INTERNATIONAL - www.bullion-international.com
Bullion International Limited has the exclusive license for the English FA Premier League mobile and wireless rights for the 2004/05, 2005/06 and 2006/07 seasons.