Infinium Labs gets $5 million cash injection

Infinium Labs, the company behind the much delayed Phantom games-on-demand service, has received a USD 5 million funding commitment from Golden State Investors.

The funding is in the form of a convertible debenture and warrant; Infinium will receive an initial payment of USD 625,000, with the option to exercise up to USD 5 million.

Earlier this month Infinium announced that it required a USD 2 million investment to develop the Phantom Lapboard, a bespoke wireless keyboard and mouse peripheral for the PC.

The lapboard was originally designed to work with the Phantom service, which Infinium announced in 2003. The service was initially down for a December 2004 launch, but since then many supposed release dates have come and gone with no sign of the Phantom.

Infinium CEO Greg Koler welcomed the new investment, stating: "This commitment gives the Company a funding path to begin manufacturing the Phantom Lapboard and to launch marketing and sales for the lapboard which we target for mid 2006 allowing us to start building our manufacturing lines this year, and continue our initiative to launch the Phantom Game Service."