OnLive Secures More Venture Funding For Cloud Gaming Service

We have talked about the slick sounding OnLive cloud-based gaming service before. The service allows users to play the same games as console and PC gamers without a console and without having to purchase any game software.

Reuters reports that OnLive has secured another round of funding to continue to improve and develop its gaming service. The company won't specify how much funding it raised from the original investors including AT&T Media Holdings, Lauder Partners, Warner Bros, Autodesk, and Maverick Capital.

All OnLive CEO Steve Perlman will say is that it was a "large investment at a large valuation." OnLive also says that the 100,000 beta users that have registered has exceeded the number of users it had estimated for the first year of its service.