3-D Film Conversion Company Reels in $19MWednesday, December 14, 2011
Legend3D Inc., a San Diego company that converts two-dimensional films into a three-dimensional format, said Dec. 12 that it raised $19 million in a Series E preferred stock offering that will help it expand operations.
Founded by Barry Sandrew in 2001, the company said it will use the funding for ongoing research to enhance its proprietary 3-D conversion pipeline. The money will also be used to forge partnerships with content owners on 3-D film and television projects.
The funding round was led by Northwater Capital Management, and joined by existing investors PAR Investment Partners LP and Augustus Ventures Ltd.
Legend3D said among its recent 3-D film conversion projects were “Hugo,” “Transformers: Dark of the Moon,” “Pirates of the Caribbean: On Stranger Tides,” and “Top Gun.”
The business grew late last year to about 1,000 people, including more than 600 at its Carmel Valley headquarters, but downsized on three occasions this year, and its most recent local head count was about 250. It also employs some 350 people at a satellite production plant in Patna, India.
— Mike Allen