Video game development studio Heatwave Interactive has raised a $7.5 million first round from Syncom Venture Partners. The Austin, TX-based company will use the proceeds to fund its Central Studio, which it is billing as a new model for game development. The basic idea: Heatwave will internally fund the early stages of any new game (the core IP) but will then raise outside funding for each project. The idea of raising fresh funds for each title from outside investors bears similarity to the Hollywood model, and the company says it will reduce risk. Release.

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For Syncom, a 30-year old firm whose investments include BET, Radio One, and XM (NSDQ: XMSR), this is their second recent Central Texas new media deal, having recently announced an investment in San Antonio-based MyToons.