A London-based virtual production studio known for its work on blockbuster films and such as Whitney Houston biopic ‘I Wanna Dance With Somebody’ by Sony Pictures, has received a “multi-million pound” investment as it expands both at home and abroad.
Dimension, which has also helped produce upcoming films including Peacock’s ‘Those About to Die’ and Song Pictures’s ‘Here’, has secured the financial boost from US-based private equity firm Growth Catalyst Partners (GCP). Specifics of the investment figure in the multi-millions remains undisclosed.
The injection will support Dimension’s international expansion, allowing it to grow its production capabilities across key markets in the UK, US, and Europe. It currently has studios in London, Newcastle, Rome and Washington DC.
GCP’s funding will also speed up Dimension’s virtual production pipelines and technology, particularly in real-time and artificial intelligence innovations.
“Dimension is leading the next generation of content creation and filmmaking,” said James O’Callaghan, managing director at GCP. “It’s grown from a small UK studio to a global production provider that has become indispensable to major Hollywood studios and new forms of entertainment experiences, offering efficient pipelines and technologies that deliver incredible results.
“GCP has a history of partnering with ambitious teams and progressive high-growth companies. We’re excited to become part of Dimension’s journey and believe this investment will accelerate the team’s development of new technologies and growth into new markets,” he added.
Growth Catalyst Partners has also invested in creative studios such as Squint/Opera, Icrave and Journey.
Next month, Dimension will officially open the doors to a new virtual production complex in West London in collaboration with entertainment services company DNEG 360, which is operated by Dimension. The new facility will feature one of the largest LED video walls in Europe, used to form a background display in films.
Simon Windsor, co-founder and co-chief executive of Dimension, said: “Dimension has built one of the largest and most experienced virtual production teams and, as demand for our services continues to grow, we are thrilled to partner with the exceptional team at GCP to invest in our exciting roadmap and the expansion of our UK and global production capabilities.”
He added that the rapid acceleration of technologies such as AI and volumetric video, which uses 3D scanned imagery, is driving new creative opportunities for filmmakers.
It comes as an increasing number of UK film and TV production studios fear going out of business. They are facing a recently-implemented business tax, known within the industry as a ‘studio tax’, which has halted productions and slowed others due to rising costs.
In recent years London has developed a reputation as a global filmmaking hub, making £97bn in revenue in 2022 as Europe’s most-used destination.