DNEGthe London-based visual effects and animation company that has won Oscars for films including Denis Villeneuve’s Dune and Netflix Strange thingsannounced on Tuesday that it has secured a $200 million investment from Abu Dhabi-based United Al Saqar Group.
DNEG is also Christopher Nolan’s preferred visual effects designer on films like Inception, Interstellar And PrincipleThe visual effects and animation company will use the cash injection to accelerate AI-powered content creation at Brahma, DNEG’s newly launched technology division.
The new funds will also be used to strengthen other divisions such as the Prime Focus Studios content branch, acquired in 2023 and a provider of cloud-based software and AI technologies for the media industry, including leading studios and streamers, and creating a visual experience center in Abu Dhabi.
In 2022, DNEG and NASDAQ-based special purpose acquisition company (SPAC) Sports Ventures Acquisition Corp. mutually agreed to terminate a previously disclosed business combination that would have taken DNEG public in the near future. $1.7 billion deal.
In the visual effects industry, since 2021, DNEG and Dimension Studios have carried out virtual production work on shows such as The Masters of the Air (Apple TV+), Those who are about to die (Peacock), Here (Sony Photos), Avatar: The Last Airbender (Netflix), No way to go up (Altitude Film Entertainment), Dedication (Sony Pictures) and Muppet Chaos (Disney+).
The investment from Al Saqar Group, a diversified business group in the United Arab Emirates, brings the value of DNEG Group to more than $2 billion, the entertainment technology company said. DNEG Chairman and CEO Namit Malhotra will continue to lead the company, while Nabil Kobeissi and Edouard Zard of Al Saqar Group will join its board of directors.
“This investment will accelerate our plans to further boost DNEG Group’s existing business and enable the group to expand its offering, both in terms of services and the markets in which we operate. We are building on our success with the opening of a studio in Abu Dhabi, bringing content creation and technology capabilities to the region, positioning us as a leader in this region and enabling us to leverage our global capabilities like no other,” Malhotra said in a statement on Tuesday.
