China’s Light Chaser Animation Studios has recently sealed a $20 million round of Series B funding, with studio chief Gary Wang stating his ambition to be China’s answer to Pixar Animation Studios, “creating world-class animated films with a Chinese cultural touch.”
According to The Hollywood Reporter, The studio’s first animated feature, ‘Little Door Spirits’ is scheduled for release in 2015 with a budget of $12 million.
The round of venture capital funding is the latest sign of China’s intentions to compete in the international animated feature film market. After a hiatus of being outrun by foreign animation, domestic Chinese animated features are achieving growing success in the market (internationally if not in the United States) and a growing number of higher-quality projects are under development.