NEW YORK — A cloud-based FinTech platform designed to offer a one-stop shop for boosting profitability in film and television productions has closed on $1 million in pre-seed capital. With major investors, this, says Conduiit, reflects “the industry’s excitement for innovative tech services in entertainment and Conduiit’s potential to revolutionize financial management in the sector.”
In particular, Conduiit is “on a mission to modernize production finance in the entertainment industry.”
Conduiit provides tools designed to enhance profitability and streamline financial processes for film and TV productions. The platform builds a bridge between production finance and corporate finance, integrating payroll, payments, and tax incentives.
Historically, production companies have used a model to manage day-to-day transactions for a production that relies on a variety of fragmented products. “Enterprise software providers have created a mismatch of services that require expensive personnel labor, reduce efficiencies, and complicate the processes necessary to secure tax incentives,” the company said. “The larger the studio, the more detrimental these inefficiencies are to the bottom line.”
Founded by industry veterans Shawn Hamilton and Jason Thurman, Conduiit was created to reduce deficiencies, cut labor costs, and automate the process through a central platform. Hamilton spent time at Amazon, where he realized that, from a technology perspective, the production industry and finance processes that fueled it were decades behind. “This infusion of capital will propel the company forward in its mission to redefine how financial operations are managed within the entertainment industry,” Conduiit believes.
Delivering projects to all major production companies including Amazon, Discovery, Netflix, and HBO, Conduiit’s new funding will be instrumental in advancing product development, expanding the team, and advancing its go-to-market strategy. C
The round was co-led by Fiat Ventures and Aperture Venture Capital, with additional participation from Collide Capital as well as angel investor and acto Hiro Mizushima.