by Galen Moore
Internet-based game developer GameLogic Inc. reports it has landed $3 million in debt financing from Velocity Financial Group Inc. Velocity, based in Chicago with an office in Boston, said the company's business model and technology that allows casinos to monetize existing assets made GameLogic attractive.
Waltham-based GameLogic uses Internet-based game content to help casinos attract new players and interact with existing players when they're away from the casino.
In August, GameLogic brought in $8 million of a $10 million Series C round of financing. The company received the funding from investors including Boston-based Bain Capital Ventures, Cambridge-based General Catalyst Partners and Seattle-based Maveron LLC.
GameLogic announced in November 2007 that it was hired by Trump Entertainment Resorts Inc. in Atlantic City to provide all three of its New Jersey properties with online gaming modules aimed at developing new customers and providing existing "club" customers — frequent casino customers and VIPs — with off-site promotions and entertainment.
In February 2006, GameLogic received an $18.6 million Series B round of funding. That same year, the company licensed online game Slingo as the latest addition to its PlayAway portfolio for casinos. The game, a combination of Bingo and Slots, was developed on a traditional 5-reel slot machine in 1995.
GameLogic was founded in 2002 by chairman and CEO Steven Kane, founder of Gamesville, which was acquired by Lycos in 1999 for $232 million.