I'm a director of a company called In2Games, which creates new games by combining new games hardware and software together. The company has an incredible new technology, which should be coming to PlayStation 3 and Xbox 360 in 2009.

 

After a pretty intense period of due diligence, many weeks spent on legals and all manner of last minute negotiations, on Friday morning we completed a £4m fundraising with Ingenious Media.

 

Their announcement regarding the deal is below. I just wanted to say well done to Elliott, Vicki, Steve and Richard at In2Games and thanks to Chris Whiteley and Sanjay Wadhwani at Ingenious, Richard Madden, Guy Ballantine and Matt Swann of Close Brothers and Geoff Pickerill and BoluMajekodunmi of Lawrence Graham, without whom it would never have happened.

 

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Ingenious Media Active Capital Limited ("IMAC") is pleased to announce that it has today completed an investment of up to £7.76m to take a significant equity
stake in the pioneering video games company, In2Games Limited ("In2Games"), which combines innovative games hardware and software to create brand new gaming
experiences. This is the eighth investment that IMAC has made since its IPO in April 2006.

The investment will enable In2Games to grow rapidly as it expands its product range both in terms of innovative console hardware and associated software.

In2Games will take advantage of two key trends in the video games market - the incredible performance of the 'next generation' video games consoles allowing peripheral and software developers to launch innovative new products which were not possible on older platforms and the increasing breadth of people playing video games as more and more 'social gaming' applications are released. The 'social gaming' phenomenon was firmly established by the Playstation 2 with innovative applications such as the EyeToy, SingStar and Guitar Hero and more recently has been driven forward by the rapidly selling Nintendo Wii and
Nintendo DS.

In2Games has developed a unique wireless motion controller system - Gametrak Fusion - which will bring fun, interactive games incorporating motion sensing technology to multiple home gaming systems including the PlayStation 3, Xbox 360 and PC.

Gametrak Fusion is a remarkable ultrasonic 3D motion sensing technology which delivers performance, control and flexibility far in excess of that offered by existing technologies, providing a true motion capture gaming experience. Gametrak Fusion can accurately track the position and precise movements of up to four players, anywhere within a living room environment, giving total control and unrivalled gameplay opportunities. Players can run, jump, throw, punch, swing racquets, bats and golf clubs, throw and bounce balls... any real-world action can be motion captured and put directly into a game.

IMAC's funding commitment includes an initial tranche of £4.56m with a further £3.2m to follow. The initial funding will enable In2Games to launch and support the Gametrak Fusion system worldwide, with software support not just from In2Games and its development partners but from many third party publishers and developers with whom the company is in discussions. In addition the funding will allow the company to broaden its product offerings and expand its output of innovative games software.

Patrick McKenna, Director of IMAC, said, "We believe there is a really exciting opportunity ahead for In2Games to capitalise on key drivers of change in the video games market as they continue to roll out innovative hardware combined with great software. In Gametrak Fusion, In2Games has created the definitive motion gaming platform for the next generation of games consoles and I look forward to this product driving the company into a period of rapid growth."

Elliott Myers, Managing Director, In2Games, said, "I am delighted to be working with Ingenious, who have extensive expertise and experience across the technology and media sectors. In2Games and Ingenious are ideally positioned to maximise the opportunities afforded by the Gametrak Fusion technology, and we look forward to making Gametrak Fusion the 'must have' videogame product for the new generation of gaming systems."