Genesis partner Jonny Saacks: The firm is led by top-rate individuals.
Interactive video advertisement developer Innovid Media Ltd. has raised $3 million in seed funding from Genesis Partners, the only investor in the round. Genesis partner Jonny Saacks will join Innovid's board. VoIP expert Jeff Pulver previously invested in the company.
Innovid develops a media enrichment platform, for which patent is being registered. The technology can insert advertisements or virtual product placements into video content. CEO Zvi Netter founded the company.
Saacks said, "Innovid is being run by top-rate people from Israel's Internet and technology community. Its target market has huge global potential, and we believe that the company's innovative product will lead to the breakthrough for which the market has been waiting for a long time."
e-Marketer predicts that the online video market will reach $4.3 billion in the US alone in 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on March 5, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008