Pixar (/'p?ks??r/) (known professionally as Pixar Animation Studios) is an American computer animation film studio based in Emeryville, California that is a subsidiary of The Walt Disney Company. Pixar began in 1979 as the Graphics Group, part of the Lucasfilm computer division, before its spin-out as a corporation in 1986, with funding by Apple Inc. co-founder Steve Jobs, who became the majority shareholder. Disney purchased Pixar in 2006 at a valuation of $7.4 billion, a transaction that resulted in Jobs becoming Disneys largest single shareholder at the time. Pixar is best known for CGI-animated feature films created with RenderMan, Pixars own implementation of the industry-standard RenderMan image-rendering application programming interface, used to generate high-quality images. Pixar has produced 17 feature films, beginning with Toy Story (1995)—which was the first-ever computer-animated feature film—and its most recent being Finding Dory (2016). All 17 of its films have debuted with CinemaScore ratings of at least an "A-," indicating positive receptions with audiences. The studio has also produced several short films. As of October 2016[update], its feature films have earned approximately $10.8 billion at the box office worldwide, with an average worldwide gross of $634 million per film. Finding Dory, along with its predecessor Finding Nemo (2003), as well as Toy Story 3 (2010) are among the 50 highest-grossing films of all time, with the lattermost film being the third all-time highest-grossing animated film with a gross of $1.063 billion. Fourteen of Pixars films are also among the 50 highest-grossing animated films of all time.