United Al Saqer Group Invests $200 Million In Prime Focus Unit DNEG
The investment will support content production and development of an AI-powered CGI creator.
Prime Focus Ltd.'s unit, DNEG S.a.r.l., announced on Tuesday that United Al Saqer Group will make a strategic investment of $200 million in the company, at a total enterprise valuation of more than $2 billion.
This investment accelerates DNEG's goal to maintain its leadership in the VFX industry and diversify its activities. The funding also allows the content arm, Prime Focus Studios, to make more investment in content production, an exchange filing said on Tuesday.
The investment will also support the new technology division—Brahma—in developing "the industry’s most comprehensive AI-powered CGI creator," according to an exchange filing on Tuesday. DNEG plans to establish a visual experience hub in Abu Dhabi, which will bring about major job creation.
DNEG provides visual effects, animation, and associated creative services to Hollywood and global visual entertainment creators.
Following this announcement, shares of the visual effects and animation studio hit a life high. The Prime Focus stock rose as much as 3.18% during the day to Rs 150 apiece on the NSE.
