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Elixir Announces New Funding, Admits Layoffs

Officials from British developer Elixir Studios have announced the end of a new round of funding that has seen £1 million ($1.9m) raised for the company. The new funding ...

David Jenkins

December 14, 2004

1 Min Read

Officials from British developer Elixir Studios have announced the end of a new round of funding that has seen £1 million ($1.9m) raised for the company. The new funding came from existing investors and will be used to provide resources for the firm’s current projects – one of which, it was announced today, is a sequel to recently released PC title Evil Genius. The developer, who formerly released Republic: The Revolution in September 2003 and Evil Genius this October, also has two other projects under development, one of which is a prototype for a next generation console title. The other forthcoming title is being produced for a U.S. publisher, and is due for release in 2006. Despite the new funding though, the company, founded by former Bullfrog wunderkind Demis Hassabis, will experience a round of layoffs, with around fifteen staff expected to leave the company over the next few months, from a current total of over sixty. "We are very pleased to have closed our planned fund raising and to have the full backing of our shareholders," said CEO Mark Hewitt. "As a company, we are really focused on forging ahead and completing our next title, which is an extremely exciting and innovative game, with a great publisher, as well as seeing our other plans come to fruition."

About the Author(s)

David Jenkins

Blogger

David Jenkins ([email protected]) is a freelance writer and journalist working in the UK. As well as being a regular news contributor to Gamasutra.com, he also writes for newsstand magazines Cube, Games TM and Edge, in addition to working for companies including BBC Worldwide, Disney, Amazon and Telewest.

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