EagleTree Capital picked up a majority stake in visual effects company FuseFX; Northrop Grumman landed $792 million Air Force contract; Catalog raised $1.5 million in a seed round.
EagleTree Capital Gains Majority Stake in FuseFX
New York-based EagleTree Capital acquired a majority stake in Sherman Oaks-based visual effects studio FuseFX for an undisclosed sum Oct. 11, according to the Hollywood Reporter. FuseFX was founded in 2006 and has provided visual effects for television shows such as “American Horror Story;” “Criminal Minds;” and “Mr. Robot.” In addition to its headquarters in LA, FuseFX operates offices in Vancouver, Canada and New York City.
Northrop Grumman Lands $792 Million Air Force Contract; None for SpaceX
ArsTechnica reports the United States Air Force announced the winners of its “launch service agreements,” funds awarded to rocket companies to finish their booster development. Northrop Grumman Corp., which has operations in Redondo Beach (and predominantly launches from Vandenberg Air Force Base), was awarded $791.6 million for its Omega launch system, while Hawthorne-based Space Exploration Technologies Corp. received no Air Force Funding this time around. According to ArsTechnica’s Eric Berger, the likely reason SpaceX was excluded is because it has already successfully flown its Falcon Heavy rocket, which is already Air Force-certified and has received Air Force grants.
Catalog Gains $1.5 for Artificial Intelligence
Catalog, based in Los Angeles, raised $1.5 million in a seed funding round led by Marina Del Rey venture capital firm Moonshots Capital. Socaltech reports Catalog’s business model entails utilizing artificial intelligence algorithms to help visual artists automate production of brand product photos at roughly $20 per shot. According to the company, it is engaged in pilot programs with Sony Music Entertainment Inc. and National Geographic Ventures Inc., the content production arm of National Geographic Society.
