The production is unusual in its scope both in cost (the most expensive Romanian films in recent years, Philanthropy and Catalin Mitulescu's How I Spent The End Of The World, each cost around $1.2m) and in that all the funding came from Romanian sources.
Producer Cristian Comeaga's Domino Film, which previously produced Caranfil's Philanthropy and Asphalt Tango, partnered with private investors Realitatea Media and investment group Avrig 35 for 23% of the budget.
Some 12% came in the form a no-interest loan from the Romanian National Cinema Council, and 61% from media buyers.
Romania's film law requires media buyers to contribute 3% of every TV advertising sale to the National Cinema Fund, but it also allows them earmark 50% of this tax to the CNC-supported project of their choice.
Caranfil sees parallels between Bucharest in 1911 and the same city in 2006, but says it's the discrepancies which are significant.
"Most Romanians are secretly ashamed of their country and recent Romanian films infused with sharp realism. A dark vision of the future meets a certain rejection from home audiences, despite their undeniable international success," he told ScreenDaily.
Comeaga expects strong admissions at home, based on Caranfil's name, and positive receptions on the festival circuit. The film is looking for an international sales agent.
"We want to be ready with the film in time to show it for the next Cannes selection," Comeaga said. "We will probably release the film next autumn."