Visual entertainment tech services company DNEG Group on Tuesday has raised$200-million from United Al Saqer Group (UASG) at a total enterprise valuation in excess of $2 billion. DNEG, a subsidiary of Prime Focus Studios, offers visual effects, animation, and associated creative services to Hollywood and global visual entertainment creators.
The company said this investment by UASG will accelerate the Group’s strategy of innovation and diversification to evolve from a pure visual effects service provider to a sector-agnostic content production and AI-powered technology partner.
It outlined that the funds will be used tofully activate its technology division, Brahma, which is AI-powered, photo-real CGI creator, which aims to democratise photo-real content creation in a wide range of applications.
The fund raise will enablePrime Focus Studios to expand its investment in production of high-quality content, including co-producing a number of high-profile feature films, including Animal Friends, Indian epic Ramayana, and The Angry Birds Movie 3.
Partnership
The Group willalso open a new office and visual experience hub in Abu Dhabi, with plans to develop a world class ecosystem in the Middle East for content production, storage, and distribution.
“DNEG Chairman and CEO Namit Malhotra will continue in his current role, and Nabil Kobeissi and Edouard Zard from UASG will join the Board of Directors. and by Prabhu Narasimhan from NaMa Capital, a leading investor in The DNEG Group, who will also become Executive Chairman of Brahma,” the statement added.
Global powerhouse
Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said, “The strategic investment by United Al Saqer Group in The DNEG Group is a testament to Abu Dhabi’s emergence as a global powerhouse for creativity, innovation, technology, and investment. This partnership not only accelerates technological advancements in the media and entertainment sectors but also underscores our commitment to fostering a robust ecosystem for content creation.”
DNEG Chairman and CEO Namit Malhotra, said, “Our partnership with UASG, the launch of Brahma, and the success of our content creation platform are all being fuelled by the power of our technology. We are redefining our business model as a leader in top-end solutions across the world, raising the bar in storytelling by using the latest technology and creative capabilities.”
