NEW YORK--(BUSINESS WIRE)--Today, Conduiit, Inc., a cutting-edge cloud-based FinTech platform designed to offer a one-stop shop for boosting profitability in film and television productions, announced the closing of $1 million in pre-seed capital. The round was co-led by Fiat Ventures and Aperture Venture Capital, with additional participation from Collide Capital as well as angel investor and actor, Hiro Mizushima. With major investors, this round reflects the industry’s excitement for innovative tech services in entertainment and Conduiit’s potential to revolutionize financial management in the sector.
Conduiit provides a comprehensive suite of tools designed to enhance profitability and streamline financial processes for film and TV productions. The platform builds a bridge between production finance and corporate finance, integrating payroll, payments, and tax incentives. In one year alone, Conduiit has served 200 customers, run 30 projects, and overseen $70 million in transactions. They’ve saved users thousands of hours and helped secure millions in tax incentives.
Historically, production companies have used a Frankenstein model to manage day-to-day transactions for a production, relying on a variety of fragmented products. Enterprise software providers have created a mismatch of services that require expensive personnel labor, reduce efficiencies, and complicate the processes necessary to secure tax incentives. The larger the studio, the more detrimental these inefficiencies are to the bottom line.
Founded by industry veterans Shawn Hamilton and Jason Thurman, Conduiit was created to reduce deficiencies, cut labor costs, and automate the process through a central platform. Conduiit provides certainty and expertise to both financiers and production companies. During his time at Amazon, Hamilton realized that, from a technology perspective, the production industry and finance processes that fueled it were decades behind. This infusion of capital will propel the company forward in its mission to redefine how financial operations are managed within the entertainment industry.
“The entertainment industry has been using a Frankenstein model to manage a project's day-to-day transaction management and financial compliance. With Conduiit, we are replacing the combination of solutions needed on one central platform to provide consistency and a greater return on incentives,” shared Shawn Hamilton, Co-Founder and CEO of Conduiit. “We are excited for the future and to continue changing the entertainment industry for the better."
Delivering projects to all major production companies including Amazon, Discovery, Netflix, and HBO, Conduiit’s new funding will be instrumental in advancing product development, expanding the team, and advancing its go-to-market strategy. Conduiit is poised to play a pivotal role in reshaping the financial landscape of the entertainment industry, bringing efficiency, transparency, and profitability to film and TV productions.
“The Conduiit team has honed in on an issue in an industry where the technology in front of the camera is cutting edge but behind the camera is antiquated. By creating a platform that reduces labor costs, inefficiencies, and errors, Conduiit is bringing production finance into the 21st century,” said Drew Glover, General Partner at Fiat Ventures.
“Aperture is proud to be co-lead investor in Conduiit’s pre-seed round,” stated Garnet Heraman, Managing Partner of Aperture Venture Capital. “We are excited to work closely with the Conduiit team and our co-investors to revolutionize media production finance and accounting.”
About Conduiit, Inc.
Conduiit, Inc is a cutting-edge FinTech platform on the cloud designed to offer a one-stop shop for boosting profitability in film and TV productions. Backed by Fiat Ventures, Aperture Venture Capital, Collide Capital, and more, Conduiit simplifies the process on both sides of production finance including managing payroll, accounts payable, invoices, and compliance. By bringing all aspects onto one platform, Conduiit provides certainty and efficiency for all production companies through connecting fragmented processes and eliminating friction. To learn more visit: https://conduiit.app/
