OnLive Gets Enough Money to Secure the Project's Future Development

A few weeks ago, the on-demand game-streaming service OnLive entered its beta testing stage and it seems to be keeping the pace the development schedules has set for it. Expected to be ready somewhere this winter, the program opened its servers to receive gamers with all types of gaming rigs. The variety in tester systems is meant to ease the process of identifying OnLive's underlying technology and content-delivery mechanisms that could lead to software errors during operation. To give a big pat on the shoulder and encourage the system, OnLive received today its biggest funding transaction up to now, more than enough to keep it on track for the next couple of months.

The third batch of cash, or The Series C, brought Warner Bros., Autodesk, AT&T Media Holdings, Maverick Capital and Lauder Partners’ money to the table. Some of these companies are “repeat offenders” and have chipped in once again to help the project. Warner Bros., Maverick Capital and Autodesk are the companies that contributed in the past and are mainly the ones responsible for the end sum when the line was drawn and numbers added. With their help, Series C secured "by far OnLive's largest closing." Exact numbers were not released to the public, but we can expect them to be astronomical.

Like any company higher-up, cofounder and CEO Steve Perlman was truly touched by the large amount of money he received. He wrote on the company's blog that it was "much larger than our previous rounds and gives us a serious jolt of rocket fuel as our beta progresses. We are both pleased and inspired that our investors share this vision with OnLive." Then he continued, "Not only do they see the value in OnLive in particular, but they also understand the significance of what OnLive is doing to lead a massive sea change in interactive media distribution. We are grateful that they have not only provided OnLive with their support, but they have also provided OnLive with such a strong endorsement."

OnLive has received help from many other companies with money to spare, like Ubisoft, Take-Two, THQ, Electronic Arts and Warner Bros. Interactive Entertainment. A total cost of the project hasn't been estimated, but it should one way ore another turn up a profit. Too many big names have been involved in this project for it to end up being a money shredder.