Israeli personal movie-sharing company Magisto has secured $13 million in Series C funding from Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures, SanDisk Ventures and existing investors, including Magma Venture Partners and Li Ka Shing’s Horizons Ventures.
The company said that the new funding would be dedicated to expanding its leadership position in the emerging category of Video Storytelling, the ability to create rich, professional looking personal movies, quickly and easily, and share them with specific people across a prescribed network
The company announced the latest version of Magisto last week, which includes a redesign and new creation and consumption functionality aimed at making video storytelling as easy and as common as text messaging. Magisto says it has more than 13 million users.
At DEMO 2013 Magisto announced the launch of new technology that transforms a collection of photos into dynamic personal movies. Using a unique combination of smart photo editing paired with emotion sense video editing technology, Magisto can now provide a storytelling option for users with only a small collection of photos, broadening the company's target audience and potential for growth.
"Qualcomm and Sandisk products and technologies are essential components that help people capture photos and videos,” said Magisto founder and CEO Oren Boiman, “Collaborating with the leaders of the personal photography eco-system will provide massive opportunities for Magisto. We share a vision for the future of personal video storytelling with both of these pioneering companies.”
“Video and photography are now central to how people use their mobile devices and Magisto is at the cutting edge of that consumer experience,” said Mony Hassid, Senior Director at Qualcomm Ventures. “We envision a collaboration between hardware and software that will radically improve the way that consumers capture personal media, and dramatically enhance the quality, output and value of everyday photos and videos. Our investment reflects our confidence in that vision.”
Magisto is headquartered in Tel Aviv, with offices in New York and California.
Published by Globes [online], Israel business news - www.globes-online.com - on October 29, 2013
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