Gener8 Media Corp. has signed a $15 million partnership agreement with China's Tianjin Fu Feng Da Movie & Television Technology Investment and Development Co. (FFD), the Vancouver-based tech company announced November 4.
Gener8, which specializes in 3D stereoscopic conversion in the film and TV industries, currently has 140 staff members and plans to hire an additional 80 Vancouver employees by January 2014.
The agreement will see Gener8's 3D stereoscopic conversion division working with FFD, a technology-driven entertainment studio focusing on visual effects and 3D conversion.
"It allows us to increase capacity and take on more work," Danielle Michael, vice-president of corporate affairs, told Business in Vancouver, explaining that they currently outsource a lot of work around the world, and that FFD will now take over a significant amount of this.
Michael said this deal will give the company access to the Asian market, which is growing at a faster rate than the market in North America.
Gener8 intends to use the proceeds of this partnership toward working capital and to continue to finance the commercialization of its technologies, including Cumul8, its cloud-based data management system.
Gener8 has worked on many large-scale productions, including Iron Man 3, Wrath of the Titans and Harry Potter 7.
