Variety reports that Imagi the animation house based in Hong Kong and Los Angeles and currently working on “Astro Boy” and “Gatchaman” has shored up funds for its next films with the introduction of a new major investor.

Company is selling new shares worth HK$311 million ($40 million) to Mark Pawley, former Asia Pacific investment banking head of Credit Suisse First Boston. Share sale gives Pawley 18% of the enlarged company and right to nominate two directors to Imagi’s board.

Imagi, which aims to deliver a movie every eight months, says the proceeds will be used for “the development of four full-length feature computer graphics imagery animation movies scheduled tentatively to be released from 2009 to 2011.”

Last month, the company announced that “Astro Boy” will be distributed worldwide through Summit Entertainment.