So what is Heatwave Interactive? It's an Austin, Texas game development studio that was first formed back in February 2007 by Anthony Castoro, formerly a game designer and producer at Electronic Arts and the head of Codemasters' MMO division. Today, business blog VentureBeat is reporting that Heatwave Interactive has secured $7.5 million in venture capital funding.

Heatwave's development plan is to create ideas for games and make they up to their prototype stage. Castoro states, "There is also a lot of game development talent that can't get a relationship with a game publisher. We hope to stand out with our business model." At the moment the studio is working on three projects but the first game may not be released until 2010.