Sign in
DNEG Group secures USD 200 mn investment from Abu Dhabi’s UASG: UK-based VFX and animation studio DNEG closed a USD 200 mn investment from Abu Dhabi investor United Al Saqer Group (UASG), bringing the value of the business to USD 2 bn, according to a company statement. UASG is backed by a member of the emirate’s royal family, the Financial Times writes.
The film tech group will use the funds to expand its presence in the film industry and produce more films, as well as offer AI solutions to the industry. A portion of the funds will go towards developing its content arm, Prime Focus Studios, while another portion will go towards a new AI technology division, Brahma, which is developing an AI-powered, photo-real CGI creator.
Abu Dhabi presence is part of the package: The group will also establish a “visual experience hub” in Abu Dhabi that will store, produce, and distribute content in the region.
The emirate has film industry ambitions: Abu Dhabi-backed RedBird IMI also recently acquired UK media company All3Media — the largest independent production firm in the UK, with 50 production labels — from Warner Bros and Liberty for GBP 1.5 bn.
About DNEG: DNEG Group was responsible for the visual effects in movies such as Dune, Oppenheimer, Interstellar, and has offices in the UK, India, the US, and Canada. It received an Academy Award for its VFX work on Netflix film Nyad. The company was founded in 2014 through a merger of Prime Focus and Double Negative.
