Multi-faceted production outfit Adaptive Studios, known for projects like the revived Project Greenlight on HBO and Netflix’s original movie Coin Heist, has raised $16.5 in Series B funding led by minority investors AMC Networks and Atwater Capital.
The company, which was founded in 2013 by Perrin Chiles, TJ Barrack and Marc Joubert, said it will use the influx of funds to continue developing across traditional and digital platforms. Adaptive has pursued a novel strategy of specializing in unproduced screenplays, which it has acquired and often published in book form, adapting from there to the screen. Digital’s maturity as a platform has provided another option for such material. Several digital series backed by Adaptive have premiered at festivals like Sundance, Tribeca and SXSW.
“AMC Networks and Atwater Capital have been incredibly strategic and forward thinking about investments in this ever-changing media landscape,” said Chiles, Adaptive’s CEO. “With our growing library of diverse IP, we could not ask for better investors to help expand our business and secure new partnerships.”
AMC Networks COO Ed Caroll said the cable programmer “views this investment as a key component as we expand our expertise beyond premium long-form scripted television into developing and producing short-form and other types of content for all platforms.”
Adaptive Studios completed its Series A funding in December 2013. Its roster of private investors includes Thomas J. Barrack Jr., executive chairman of Colony Northstar; Joe Steinberg, co-founder of Leucadia National; Roger McNamee, founding partner of Elevation Partners; and Todd Wagner, co-owner of 2929 Entertainment, Magnolia Pictures, and Landmark Theaters; all remain investors in the company.