Pixar Animation Studios (/ˈpɪksɑːr/) is an American computer animation studio based in Emeryville, California, a subsidiary of Walt Disney Studios. Pixar began in 1979 as part of the Lucasfilm computer division, known as the Graphics Group, before its spin-off as a corporation on February 3, 1986, with funding from Apple co-founder Steve Jobs, who became its majority shareholder. Disney purchased Pixar in 2006 at a valuation of $7.4 billion by converting each share of Pixar stock to 2.3 shares of Disney stock, a transaction that resulted in Jobs becoming Disney's largest single shareholder at the time. Pixar is best known for its feature films technologically powered by RenderMan, the company's own implementation of the industry-standard RenderMan Interface Specification image-rendering application programming interface. Luxo Jr., a character from the studio's 1986 short film of the same name, is the studio's mascot. Pixar has produced 21 feature films, beginning with Toy Story (1995), which was the first ever computer-animated feature film; its most recent film was Toy Story 4 (2019). All of the studio's films have debuted with CinemaScore ratings of at least an "A−," which indicates a positive reception with audiences. The studio has also produced dozens of short films. As of July 2019[update], its feature films have earned approximately $14 billion at the worldwide box office, with an average worldwide gross of $680 million per film. Toy Story 3 (2010), Finding Dory (2016), Incredibles 2 (2018), and Toy Story 4 (2019) are all among the 50 highest-grossing films of all time, with Incredibles 2 being the third highest-grossing animated film of all time, with a gross of $1.2 billion; the other three also grossed over $1 billion. Moreover, 15 of Pixar's films are in the 50 highest-grossing animated films of all time. The studio has earned 19 Academy Awards, 8 Golden Globe Awards, and 11 Grammy Awards, along with numerous other awards and acknowledgments. Many of Pixar's films have been nominated for the Academy Award for Best Animated Feature, since its inauguration in 2001, with the nine Pixar winners being: Finding Nemo (2003), The Incredibles (2004), Ratatouille (2007), WALL-E (2008), Up (2009), Toy Story 3 (2010), Brave (2012), Inside Out (2015), and Coco (2017); the three that were nominated for the award without winning it are Monsters, Inc. (2001), Cars (2006), and Incredibles 2 (2018). In addition to that award, Up and Toy Story 3 were also the second and third animated films, respectively, to be nominated for the more inclusive Academy Award for Best Picture (the first being Walt Disney Animation Studios' Beauty and the Beast in 1991). On September 6, 2009, Pixar executives John Lasseter, Brad Bird, Pete Docter, Andrew Stanton, and Lee Unkrich were presented with the Golden Lion award for Lifetime Achievement by the Venice Film Festival. As part of the ceremony, the physical award was handed to Lucasfilm's founder, George Lucas.