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Venture Report: OnLive Closes Large Series C

Twitter is not the only company drawing massive investor speculation.   Gaming startup OnLive announced Tuesday (9/29) that investors including Warner Brothers, Autodesk and AT&T Media Holdings had all jumped in to fund a substantial Series C financing.

Details weren’t disclosed but CEO Steve Perlman said on the company’s blog that the round was the company’s largest to date.  It was "much larger than our previous rounds and gives us a serious jolt of rocket fuel as our beta progresses," he wrote.

Some speculation in the market is that the valuation may have been in excess of $500m. (via Venture Beat) No telling if that’s accurate.

OnLive is looking to deliver a “cloud computing” competitor to the traditional game console environment.    More than seven years in the making, the company is currently beta testing its offering and looking to build out server farms necessary for their eventual commercial launch.

Partnerships have so far been secured from Electronic Arts, Take-Two, Ubisoft, THQ, and Warner Bros. Interactive Entertainment.

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