Venture capital firm IndoUS Venture Partners has invested in Hyderabad-based animation firm VenSat Tech Services Pvt Ltd (VenSat). The firm, set up by former Satyam BPO employees, provides services like animation, visual effects, motion comics and 2D/3D conversion
VenSat has also formed a US unit and is eyeing investments in the entertainment companies in the country. While the amount of funding raised was not disclosed, media reports peg IndoUS Venture's investment at $10 million.
VenSat has created the visual effects (VFX) for movies like 'Dabangg' and 'Robot'. It has also delivered a full-length animated motion picture for a major European entertainment group. It has created VF for more than 200 motion pictures and more than 50 animated motion pictures, TV episodes and DVD titles.
The company is now aggressively looking at the US market with formation of VenSat America. The US unit has hired entertainment executive and entrepreneur, Ken Silverman, as CEO and President. The US will have offices in Los Angeles and New York City.
VenSat, founded in 2009, has a production team of now over 100 artists in two animation/VFX studios in Chennai and Hyderabad. This will be ramped up to 250, during the first quarter of 2011, and is expected to surpass 400.