Apollo Enterprise Solutions LLC, a maker of Web-based software for managing debt collection and payments in Irvine, has scored nearly $8 million in an initial round of venture funding.
Long Beach-based Moriah Growth Fund LP led the round.
Moriah Managing Partner Joseph Konowiecki is set to run Apollo as chairman and chief executive.
Apollo’s software is used to collect delinquent or default payments from consumers and businesses. It allows creditors and financial institutions to build custom payback programs without engaging in verbal negotiations, which cuts down on labor and legal costs, according to founder Chris Imrey.
Apollo got its start in 2004.
It was initially funded by Imrey with a $1 million investment for developing software and applying for patents.
The company raised some $18 million from angel investors and has raised a total of $23 million in funding to date, Imrey said.
Apollo licenses its software to banks, debt collection agencies and buyers, receivables management companies, and others in healthcare, utilities and the government.
One of its biggest customers is Bank of America Corp.
“It allows customers the ability to view options to settle their debt presented via decision engine technology based on rules defined by the financial institution,” Imrey said. “The majority of delinquent customers want to pay their bills, but they have no ability. They need terms spelled out, or discounts, or both.”
The closely held company, which has 20 workers here, doesn’t disclose financial information.
Imrey is set to continue on as president and will have a seat on the board.
‘World of Warcraft’ The Movie
Irvine’s Blizzard Entertainment Inc. hooked famed action film director Sam Raimi for the upcoming movie based on its blockbuster “World of Warcraft” online game.
Blizzard teamed up with Burbank-based Legendary Pictures Inc. to produce the film.
Raimi is best known for directing the “Spider-Man” trilogy, which broke box office records and landed five Academy Award nominations.
“At its core, ‘Warcraft’ is a fantastic, action-packed story,” Raimi said in a statement. “I am thrilled to work with such a dynamite production team to bring this project to the big screen.”
Blizzard has been working on turning its popular online game into a film for the past three years, with the help of Warner Bros. Entertainment Inc., which is funding the film.
Producer Charles Roven, of “The Dark Knight” and “Batman Begins” fame, will produce the film along with Raimi and others from Legendary Pictures.
Blizzard Senior Vice President of Creative Development Chris Metzen also is a coproducer.
“Blizzard Entertainment and Legendary Pictures have a shared vision for this film and we searched at length to find the very best director to bring that vision to life,” Blizzard Chief Operating Officer Paul Sams said. “Sam knows how to simultaneously satisfy the enthusiasts and the mainstream audience that might be experiencing that content for the first time.”
Blizzard’s “Warcraft” franchise takes place in a fantasy universe where there’s an epic war between two opposing races: the “Horde” and the “Alliance.”
Blizzard, part of Vivendi SA’s Activision Blizzard Inc., and Legendary Pictures have been mum on the “Warcraft” movie since it was announced a few years ago.
Details about the cast and release date haven’t been disclosed.
“World of Warcraft,” played by nearly 12 million around the world, marked its 15th anniversary this year.
Smith Micro Win
Aliso Viejo-based Smith Micro Software Inc. landed another win for the next generation of wireless networks that promise to speed up and add features to cell phones and handheld devices.
The maker of cell phone software has been racking up deals recently for a program that runs on a PC or mobile device and allows for a wireless connection to the Internet.
Ashburn, Va.-based DigitalBridge Communications Corp. is set to use Smith Micro’s connection management software to roll out service on new networks known as WiMax.
WiMax, short for a technology standard called worldwide interoperability for microwave access, is sometimes called a 4G network.
WiMax is designed to help devices connected to the Internet send data at speeds that rival cable and digital subscriber line connections.
Smith Micro didn’t say how much the win will add to its revenue. The DigitalBridge agreement marks the company’s fourth WiMax deal since the start of the year.
DigitalBridge is offering WiMAX service to markets in Idaho, Indiana, Montana, South Dakota, Virginia and Wyoming, the company said.
