OnLive Secures New Funding

30 Sep 2009 at 13:42:22 by Andy Alderson

OnLive, the much-talked-about cloud-based gaming service, has secured new round of investment.

According to Reuters, OnLive’s Series C funding round attracted investment from telecommunications giant AT&T and Lauder Partners.

Warner Bros, Autodesk and Maverick Capital, who all previously invested in the company, also participated in the new round of funding.

OnLive founder Steve Perlman declined to disclose the figures involved, but stressed that the new round resulted in a "large investment at a large valuation".

The cloud-based gaming service, which streams games to customers rather than processing them locally on console hardware, has been in secret development for seven years and, if the technology works as promised, analysts say it could pose a significant threat to the big console manufacturers.

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