Havok closes funding round

A research and development growth funding round of €7m has been closed by the Dublin physics software company Havok.

The funding round was co-led by Trinity Venture Capital and ICC Venture Capital in Dublin. AIB Equity, LTG International (London) and Enterprise Ireland also invested in the round.

Havok develops real-time physics software that enhances computer game imagery.

Havok Chief Technology Officer Steven Collins said the money would be used to develop technology for next generation games consoles.

"Havok is investing in R&D now to develop optimised technology for their unique architectures. Our character and environmental physics will drive cinematic playing experiences on those platforms".

Collins also said Havok would be cash-flow positive by the second quarter of 2003 but would not elaborate on the company's valuation after the investment.

Havok is reported to be the biggest physics middleware company in the world and was licensing its technology to over 50 games development companies. Total funding at Havok after this latest round is €12.65m.

Havok was founded by a team including Steven Collins and CEP Hugh Reynolds, both former lecturers in games development, as a Trinity College spin-out called Telekinesys Research.

The funding is indicative of the exceptional growth in the computer games industry when the rest of the tech sector continues to slump.

The industry is expected to be worth more than $26bn this year exceeding the value of the film industry according to yesterday's Sunday Business Post.