AtomShockwave Gets Investment of $22.9 Million
AtomShockwave Corp., the company formed earlier this year when San Francisco-based Shockwave.com bought the parent company of AtomFilms, announced Tuesday that it has raised an additional $22.9 million from existing investors.
Company officials say that sum should be enough to keep the company running through 2001, when it projects its first profit. The funding stands in sharp contrast to the money woes at many other Internet content companies, which investors have been spurning for the last year.
Rather than relying on the Net, the newly merged company hopes to build on Atom’s distribution deals on and off the Internet, adding Shockwave’s store of games and animations to Atom’s short films.
The latest round of funding was led by Macromedia Inc., which owns 30% of AtomShockwave. Other investors included three venture-capital and private-equity firms--Sequoia Capital, J.P. Morgan Entertainment Partners and Waterview Partners--and the strategic investment arm of Intel Corp.
