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October 26, 2006
Accel Enters Alternate Reality
Mind Candy,a UK based interactive media startup that produces alternate reality games, has raised $7 million from new investor Accel Partners which joins existing investors Index Ventures and NewMedia Spark, less than a year since raising a $3M first round. According to CNET, it had also raised at least $1.5M prior to that in an angel round.
The cause of the anticipated cash burn is that Mind Candy is launching a "major expansion" adding products to be announced in early 2007.
Mind Candy runs real world treasure hunts. The clues are printed on cards (that people pay for) and the search is augmented by events, websites, text messages, TV, and print. As for its business model, there are a few clues about how it could generate sales -but we haven't solved that mystery yet. One thing we know is that It is not using a sponsorship model, like some of the other alternate reality games we've read about.
Its game clues sound pretty cerebral. Check out this excerpt from an interview by Rick_32 Footsteps_Healy with folks from MindCandy :
32: There are four cards as yet unsolved. A question on each:On Riemann - Some number theorists have conjectured that Riemann's General Hypothesis (the problem to be solved on this card) may in fact be impossible to prove. Others are actively working on disproving the hypothesis. Do you have any thoughts on this, and how it will affect solves for the card?
Dan: Our main aim with this card was to undermine the majority of encryption systems used worldwide. This way, we could covertly divert massive funds to our Swiss bank account.
32: Yeah, but the problem there is that the cryptographical uses of the Riemann Zeta Function are so far fairly obscure, and the hypothesis mostly concerns number theory and not cryptography. And distracting number theorists isn't exactly a route to fantastic riches, Clay Mathematics Institute prizes nonwithstanding. So how does the Riemann Zeta Function undermine encryption systems?
Read -Mind Candy Announces $7M in Funding (press rel.)
Read - $3M For Sente's Lost Cube (the a:c)
Posted on October 26, 2006 06:36 AM | Posted to News And Updates | Venture Capital | Permalink
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