US-based entertainment content producer Adaptive Studios has secured $16.5m in series B funding from media company AMC Networks and Atwater Capital, part of property management and services firm Atwater Group.
Adaptive runs an entertainment studio that incorporates projects covering film, television, books and digital-first content, working with partners such as AMC Networks, HBO, Lionsgate, Netflix, Verizon, Miramax, FX Networks, YouTube Red and Fox Animation.
The company has an intellectual property-first focus, seeking to buy properties owned but undervalued by major Hollywood producers, in addition to content from its own network of emerging filmmakers.
The capital will be used to develop new content spanning traditional and digital platforms. It follows a total of $9.7m in earlier funding, according to regulatory filings.
Angel investors including Thomas Barrack, Joe Steinberg and Roger McNamee provided $4m in series A funding for the company in 2013. It raised another $2.4m in August 2016 before pulling in $3.3m in January 2017.
Ed Carroll, chief operating officer of AMC Networks, said: “AMC Networks views this investment as a key component as we expand our expertise beyond premium long-form scripted television into developing and producing short-form and other types of content for all platforms.”