New transmedia company Iconic Arts launched Tuesday with $3.1 million in financing at a $20 million pre-seed valuation. The entertainment studio boasts support from screenwriter Eric Roth, Grammy winning artist Will.i.am and exec vets of Disney, Sony Pictures Entertainment and JP Morgan.
Iconic Arts, which has opened offices in both Los Angeles and Tokyo, is founded by Steven Haddadian, Alec Roth, Matthew Medney, Mo Yazdani and Jack Sheehan.
Per Iconic Arts, “For the last year, the team has been developing an original slate of IP by using a unique workflow which combines talented creators with emerging technologies such as a set of proprietary AI-powered tools that help lower cost of development by up to 90%, while derisking negative audience sentiment. For example, one tool enables creators to materialize worlds for UGC platforms such as Fortnite, Roblox or any multiplayer native environment with no code, while maintaining their art direction. These UGC platforms serve as market testing and community building environments for their IP.”
The studio has hired in-house counsel Aric Jain, who most recently worked at Wilmerhale, to team with Lew, Mattmann and California lawmakers “to help draft bills for the ethical applications of AI within IP development.”
Popular on Variety
“We are applying a Silicon Valley approach to the hit-driven models of Hollywood and gaming studios, cutting costs and risks in developing original IP, with timeless storytelling at the heart of our business,” Haddadian said.
The company’s advisory board includes Roth, Will.i.am, Chris Heatherly (The Walt Disney Company, NBCUniversal), Mark Caplan (Sony Pictures Entertainment), Motoki Tani (Animoca Brands KK, Millennium, JP Morgan), Chris Mattmann, Brian Selzer and legal AI attorney Charles Lew.
Additionally, Iconic Arts has set a joint venture focused on Japanese brands, which is led by investor Motoki Tani. “Through this JV, Iconic Arts will serve as the entertainment partner for global consumer brands to develop IP across film, television, gaming and merchandising,” Tani said.
