Thursday, March 11, 2010

Image Metrics Raises $8.0M, In Reverse Merger

Santa Monica-based Image Metrics, a developer of facial animation software and services, has raised $8.0M in funding and gone public through a reverse merger. According to Image Metrics, it has entered into an exchange offer with International Cellular Industries, an OTC BB firm traded as ICLA, to become a pubicly traded company. Image Metrics said that ICLA will change its name to Image Metrics, and will change its stock symbol as part of the merger. Source of the new financing for the company was not disclosed. As part of the public listing, Image Metrics reported it had revenues of $4.0M in its fiscal year ended September 30th, with $2.5M of that earned in the quarter ended December 31st. The firm said it had a net loss of $6.8M for fiscal 2009. The firm is headed by Michael Starkenburg.