An Atlanta film industry startup that hopes to become the first studio of its kind on the East Coast is looking to raise $175 million to fund its projects.
Gramarye Media, which came out of Georgia Tech’s Flashpoint accelerator, on April 23 plans to launch an “initial coin offering,” or ICO, a relatively new financing technique that is similar to an initial public stock offering but uses cryptocurrency tokens instead of shares. Markets for these “coins” are less regulated than more-traditional capital markets.
Gramarye has developed a process that it says allows it to discover potential blockbuster manuscripts and other projects before they hit the market, find the ones with audience potential and turn them into Hollywood hits. Since the company launched in 2017, it has been in an incubation period, but its founders say its forthcoming funding round will help it become a bonafide studio with its own distribution engine.
