Artifact Receives Funding
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Artifact Entertainment Completes $4.5M Financing
Mesa, AZ - Artifact Entertainment a developer of Online Interactive Entertainment Simulations and revolutionary Massively Multi-Player Online gaming technologies, said it raised $4.5 million in its second round of funding. The current round of funding was completed by the venture capital firm, Forrest Binkley & Brown and NCSoft, a publicly-held Online Gaming company. In addition to fulfilling working capital requirements, the funds will also be used to ensure the completion of its "Evolution Engine" technology and the highly anticipated interactive gaming title, "Horizons."
NCSoft, listed on the Kosdaq stock exchange, is the world's leading Online Interactive Entertainment Service Provider with 2.2 million active subscribers. In a separate transaction NCSoft entered an exclusive distribution agreement for publishing Artifact's next title "Horizons" in Korea, Japan, Taiwan, Hong Kong, Singapore and China.
Forrest Binkley & Brown is a broad-based Venture Capital firm, which invests in early-stage technology, later stage growth, and leveraged buyouts. Since 1993, Forrest Binkley & Brown has invested in over 40 companies.
Artifact Entertainment is dedicated to creating quality online entertainment environments using a monthly subscription model. Using advanced proprietary technology, proven design methods, mass-market appeal and the highest quality talent available, "Horizons" is one of the most ambitious and anticipated MMOG titles currently announced. "Horizons" is a subscription based interactive fantasy world that is simultaneously accessible by thousands of people in real-time. Artifact will begin its next round of financing in the first quarter of 2002, which will take the Company through market release and to break even.
