Lions Gate Entertainment is joining with two venture capital funds to make a $1.2 million investment in digital asset management company Dax Solutions.
Dax provides software that lets producers protect and share media, including dailies, documents and video and audio clips, via the Internet.
A number of Hollywood content providers, including Lifetime and MGM, use Dax’s applications, but Lions Gate is the only studio to use it on all its productions.
Thanks to the investment, Dax is hoping to work with Lions Gate to help sell other studios or networks on using its software as a complete solution.
“We’re fortunate to have investors with significant business experience in the film and television industries,” said Dax CEO Patrick Macdonald-King. “I expect their guidance and contacts will help us accelerate our future growth significantly.”
Company also plans to use its first round of venture funding to expand into industries including advertising and publishing.
Other investors were VC funds Tech Coast Angels and Pasadena Angels.