Israeli startup Showbox, which has developed a cloud-based video production tool, today announced a Series A funding round of $8.5 million. The financing was raised from leading media executives and strategic partners including former AMEX Travel CEO Charles Petruccelli, IMAX chairman Brad Wechsler, Wix.com Ltd. (Nasdaq: WIX) co-founder Giora Kaplan, TPG Partner Karl Peterson, and more.
The company, which was founded in 2013 by CEO Effi Attad and CMO Tomer Afek has been operating in stealth mode for the last two years and will utilize the funding to continue product development and drive market penetration. Showbox provides cloud-based tools that allow quality, simple video production for individuals and brands.
Atad said, "Current video solutions are either too basic or too expensive, and geared solely towards professionals. Showbox is the only platform that makes video production accessible by creating a DIY platform that simplifies the entire production process while still offering a professional grade result. Individuals and businesses alike are looking for a scalable mechanism to produce creative video content, from publishers posting weekly magazines to vloggers publishing daily - Showbox answers this need."
Showbox offers an all-inclusive process for start-to-finish professional video production, combining show formats, superior technologies, rich content libraries and management tools all accompanied by director instruction. The formats (Top 5, Product Review, etc.) allow for the creation of endless content in multiple genres and greatly reduce the need for post-production. Overcoming major editing and production constraints common to currently available platforms, users simply drop content into the Showbox formatting toolbox, allowing the show to essentially build itself. Users can also customize their formats and save them within the platform, streamlining episode creation to under 10 minutes. Showbox features automatic footage and audio enhancements, advanced virtual background replacement without the need for a green screen, and even offers access to free content provided by major databases like Getty Images, Reuters and many more.
Afek said, "As native video content becomes the standard in social media beyond its already wide use by millennials for self-expression, consumers are growing increasingly unwilling to engage with traditional advertising - and brands of all types will need to adapt. Showbox empowers these brands and their communities to elevate their engagement by effectively tapping into the power of high quality, creative video content, without the need to spend a fortune. Brands and influencers have powerful messages to deliver and Showbox is giving them a platform that matches the quality and power of their unique voice."
Showbox is utilizing a freemium model that allows users to access more advanced services as their needs grow.
Published by Globes [online], Israel business news - www.globes-online.com - on July 16, 2015
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