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Game Developer Destineer Gets $12 Million Equity Investment

Authored by Mark Hefflinger on April 28, 2006 - 9:01am.
Minneapolis, Minn. - Destineer, a developer and publisher of video games and virtual training simulations, announced this week that it has received a $12 million equity investment from The Exxel Group. Founded in 2001 by a former executive at Microsoft's Bungie games studio, Destineer has developed titles including "Close Combat," "Elite Warriors: Vietnam" and "Starship Troopers"; the company also develops virtual training simulations for government, military, and intelligence organizations around the world. "The venture capitalists of the videogame industry have traditionally been the large publishers, because they're the ones who have funded most game development until now," said Destineer CEO Paul Rinde. "But, this new trend of private-equity firms investing in the games industry gives creative companies like Destineer much more flexibility to make games the established publishers are less likely to create." The company will use the funds for several as yet unannounced titles for consoles and the PC, as well as to expand distribution and product development in Latin America.
tags: Games | Destineer | Developer | Investment | Equity |

Micro Hard Drive Maker Cornice Raises $97 Million in Debt, Equity

Authored by Mark Hefflinger on December 14, 2005 - 10:31am.
Longmont, Colo. - Cornice, a developer of miniature hard drives used in consumer electronics devices, announced on Wednesday that it has raised $97 million in debt and equity financing. Canada's Caisse led the equity investment; previous investors VantagePoint Venture Partners, BlueRun Ventures and BA Venture Partners also participated. Simultaneously, the company entered a new lending agreement with Hercules Technology Growth Capital, which provided Cornice with debt capital. Coloradio-based Cornice develops 1-inch hard drives used in portable digital music players from Thomson/RCA and Rio, as well as in cell phones and personal storage devices. The new funds will be used to support development and manufacturing initiatives for the company's micro hard drives, as well as to expand marketing and sales efforts.
tags: Deals | VC | Equity | Debt | Cornice | Micro Hard Drive |

Equity Firm Completes EMusic Buy; Will Integrate Digital Club Network

Authored by Mark Hefflinger on November 4, 2003 - 8:25am.
New York -- Dimensional Associates, the New York-based private equity arm of JDS Capital Management, announced on Tuesday that it has completed its acquisition of independent music download store EMusic.com from Vivendi Universal's VU Net USA. Financial terms were not disclosed. The company previously announced that it would end EMusic's practice of offering unlimited downloads from its 275,000-track library for a monthly subscription fee. Dimensional Associates said in coming weeks it will combine EMusic with its roster of live venues that webcast performances of bands, the Digital Club Network, into a new service called EMusic Live. The service will offer both live and on-demand streams of performances from clubs including the 9:30 Club in Washington, DC; the 40 Watt Club in Athens, GA; The Metro in Chicago, IL, Toad's Place in New Haven, CT and Arlene Grocery in New York.
tags: eMusic | Equity | Integrate | Digital Club Network |