Patron and Point72 Ventures led the seed round for Chris deFaria and Aaron Sisto’s new entertainment company, with its proprietary promotion and analytics platform, that is supporting new, original IP development by backing creators and their ideas for TV, feature film and short-form projects.
VC-backed entertainment company Chronicle Studios has announced it has raised $11.6 million in seed funding to pioneer its new model for franchise creation. The round was led by Patron and Point72 Ventures with participation from Z Ventures, Sands Capital and other prominent investors.
Founded by entertainment veteran Chris deFaria and tech entrepreneur Aaron Sisto, the studio is backing creators and investing in original storyworlds to “forge a new path for original IP.” “The next great franchises will be born on social and the most original and interesting work is being done on these platforms,” said deFaria. “We are connecting with creators around the world whose incredible work might never find its way into the traditional studio system.” The company’s entry-point is animation, leveraging its proprietary promotion and analytics platform to identify opportunities in TV, feature film, and short-form series.
Chronicle Studios is focused on new creators, elevating talented storytellers and tapping into audience communities that are organically supporting them. The studio’s growing slate includes two animated feature films that will be released to audiences through original content on YouTube, and a live-action science fiction film based on an “incredibly ambitious” upcoming web series.
“Connecting with and growing audiences is still extremely challenging for creators and studios,” added Sisto. “We are building AI-enabled tools to amplify creator-led stories alongside our strategic investment, bringing more unique and compelling IP to audiences across multiple platforms including film, games, comics and television.”
Patron quickly came on board the seed round, with Co-Founder and General Partner Jason Yeh stating, “Audiences are demanding original content and spending more time watching it on social platforms. The Chronicle founding team uniquely bridges the worlds of traditional Hollywood studios with emerging technology from Silicon Valley. Their creator centric approach to discovering, amplifying, and developing new characters and worlds will lead to the next generation of great original IP.”
“We believe that the traditional model, where studios are spending hundreds of millions of dollars before an audience has even seen the film, is outdated,” said Ishan Sinha, Partner at Point72 Ventures. “Chronicle Studios is re-imagining this process and finding smarter ways to fund and build original stories from the ground up. We are excited to partner with Chris and Aaron.”
Source: Chronicle Studios
Dan Sarto is Publisher and Editor-in-Chief of Animation World Network.
