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DNEG Group, a UK-based movie technology business, has been valued at over $2 billion after a fundraising round backed by an Abu Dhabi investor. The funding will allow DNEG to develop new AI tools for creating films and games. The company, known for its work on movies like Dune and Interstellar, plans to expand into producing movies and developing AI tools for content producers in film, TV, gaming, and advertising.
The deal with United Al Saqer Group will enable DNEG to create photo-real content using advanced computer-generated imagery. The company, which has won seven Academy Awards for Best Visual Effects, aims to pivot from being a services company to producing and owning its own content. They are currently working on films like Animal Friends and The Angry Birds Movie 3, as well as an adaptation of the Indian epic, the Ramayana.
Abu Dhabi’s involvement in the deal reflects its ambitions in the movie industry, as seen in its recent acquisition of UK TV producer All3Media. DNEG plans to establish a creative industries hub in Abu Dhabi to develop a content production, storage, and distribution industry in the Middle East.
The company’s focus on developing AI tools for creating realistic CGI aligns with the industry’s goal of telling stories faster, better, and cheaper. The deal has been praised for accelerating technological advancements in the media and entertainment sectors, highlighting Abu Dhabi’s commitment to fostering a robust ecosystem for content creation.
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Source link: https://www.ft.com/content/49efdfb8-e656-4ed0-a0f8-04ff3aa53849
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