AtomShockwave snags funding, adjusts management

By Gwendolyn Mariano
Staff Writer, CNET News

AtomFilms and Shockwave say they have officially launched their newly formed entertainment company, AtomShockwave. As a result of their merger in December, AtomShockwave will provide short films, animations and games to businesses and consumers both online and offline. The San Francisco-based company said it has also secured $22.9 million in funding from investors including Macromedia, Sequoia Capital, JPMorgan Entertainment Partners, Arts Alliance, Intel Capital, Waterview Partners and affiliates.

AtomShockwave said it is focusing its efforts to reach profitability within this year and will use the funds to strengthen the company and its brand. The company said it is also looking for syndication and sponsorship deals. Shockwave Chairman Ron Burgess, who is also chairman and CEO of Macromedia, will be AtomShockwave's chairman. AtomFilms Chief Executive Mika Salmi will be the combined company's CEO.

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