TransGaming has raised $500,000 in convertible notes via a private placement from an affiliate of Intel Capital. The video game company will use the money to boost development of its on-demand gaming service, GameTree.tv.
The Toronto, Canada-based company makes video games, including converting games from the PC format to run on Apple’s Mac and the Linux operating systems.
TransGaming issued $500,000 in convertible notes to MVI, an affiliate of Intel Capital. About $350,000 is due in 2011. The GameTree.tv service will offer on-demand games for high-definition TVs and will be built around consumer electronics devices based on Intel’s CE Media Processors. TransGaming will work with cable operators and Internet service providers as well as consumer electronics companies to get the service launched. It’s a very small of amount of money to do that, considering companies such as OnLive have raised a lot money for the same purpose. But at least TransGaming has a big name behind it with Intel.