Riot Games secures US $1.5 million funding

Start up developer Riot Games has finalised a cash injection of US $1.5 million (EUR 1.1 million) to help fund a title to be revealed in early 2007.

The firm has also appointed Brandon Beck as CEO, a media and entertainment consultant with venture capital and banking experience.

"Tremendous opportunities continue to emerge in the games industry as distribution and business models continue to evolve," offered Beck.

"Riot is focused on building content that can capitalise on the opportunities afforded by the platform transition and the changing dynamics of the marketplace."

Industry veteran William Petro will take on the role of chief technology officer and executive producer for the as-yet unnamed project, and brings with him experience from working on products at Konami, Atari and Sega.

"With our proven development methodologies, independent status and a highly experienced team, we believe we are well positioned to push the envelope in a variety of areas," said Petro.