Conduiit, a 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 and angel investor and actor, Hiro Mizushima.
Conduiit provides a suite of tools designed to enhance profitability and streamline financial processes for film and television productions. The platform builds a bridge between production finance and corporate finance, integrating payroll, payments, and tax incentives. In one year, Conduiit said it has served 200 customers, run 30 projects, and overseen $70 million in transactions.
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 Shawn Hamilton and Jason Thurman, Conduiit was created to reduce deficiencies, cut labor costs, and automate the process through a central platform. 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,” said Hamilton, also the firm’s CEO. “We are excited for the future and to continue changing the entertainment industry for the better.”
Delivering projects to production companies including Amazon, Discovery, Netflix, and HBO, the new funding will be instrumental in advancing product development, expanding the team, and advancing its go-to-market strategy.
“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 a 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.”