Fourth Wall Studios has broken through the fundraising wall, securing $15 million from medical entrepreneur and investor Patrick Soon-Shiong.
The funding will be used to develop new transmedia entertainment properties that incorporate social network games and augmented reality. Projects will stem from original ideas developed in-house or partnerships with filmmakers, TV producers, videogame and book publishers.
The first projects have not yet been announced.
Fourth Wall was founded in 2007 by Elan Lee, Sean Stewart and Jim Stewartson as an alternate reality entertainment studio.
“Right now, there is a once in a generation opportunity to produce the iconic properties that will help define the landscape of entertainment for the 21st century,” Stewartson said.
Through its relationship with Soon-Shiong, company will have access to as much as $200 million through the investor’s California Capital Equity fund.
Soon-Shiong, a physician, surgeon and scientist, is chairman of the Chan Soon-Shiong Family Foundation, chairman and CEO of the Institute for Advanced Health, chairman and CEO of the Healthcare Transformation Institute and founder of the National Coalition for Health Integration.
He was also founder, chairman and CEO of biotech company Abraxis BioScience and was co-developer of the metastatic breast cancer treatment drug Abraxane.
Last year, he became a co-owner of the L.A. Lakers, purchasing the stake previously owned by Earvin “Magic” Johnson.
“The best ideas often occur when different industries intersect,” said Soon-Shiong, who will serve as Fourth Wall’s chairman. “As I work with new technologies for healthcare and medicine, I see more and more parallels with what’s happening in entertainment– for example, the rapidly accelerating use of mobile devices and social media platforms, and the use of novel algorithms to create machine vision.”