OnLive closes its biggest round of funding so far

Cloud gaming service OnLive has closed a "major round of funding" from AT&T, Autodesk, Warner Bros, Lauder Partners and Maverick Capital.

"Not only do they see the value in OnLive in particular, but they also understand the significance of what OnLive is doing to lead a massive sea change in interactive media distribution," said CEO Steve Perlman of the company's new partners.

"We are grateful that they have not only provided OnLive with their support, but they have also provided OnLive with such a strong endorsement."

Perlman added that the funding – an undisclosed amount – was much larger than previous rounds and "gives us a serious jolt of rocket fuel" as the company prepares to launch its on-demand gaming service this winter.

Earlier this month OnLive launched a closed beta in the US. The ambitious technology was first revealed at GDC this year, after over six years of stealth development.

"Over the last decade, we've seen an enormous upheaval in the media business as the written word, photos, music, and video have been steadily moving away from physical media to online delivery.

"One major category that still remains largely based on physical discs is fast-response interactive media – in particular, videogames. And, of course, OnLive's goal is to enable that last remaining transition," added Perlman.