Image-processing startup Lightricks raises $10m

app mobile smartphone

The Israeli company's mobile app made a meteoric rise to the top of Apple's US AppStore chart from 283 to 2 in five days.

Israeli startup Lightricks, which develops popular mobile app Facetune and Enlight, announced Wednesday the closing of a $10 million financing round. The firm's sole investor is Carmel Ventures, of the Viola Group.

The company was founded in 2013 and made a meteoric rise to the top of Apple's US AppStore chart from 283 to 2 in only five days. This is especially impressive given Facetune is a paid app costing $2.99.

Since then, Lightricks has grown at an explosive pace and is expected to reach revenue of more than $10 million. The startup employs 30 people, but is planning on doubling its workforce.

Lightricks is run by Zeev Farbman one of the five founders who said on Tuesday, "We at Lightricks believe that mobile platforms have the potential to be far more than just systems for passive consumption of content we see them as a remarkable opportunity for creativity and self-expression."

He explained that Lightricks "seeks to integrate the most advanced technologies in the fields of digital imaging, image processing, computer vision and harness them to create products which amplify the abilities of our users in ways that were not possible in the past."

Farbman also said, "The connection to Carmel Ventures, for us, is a unique opportunity to cooperate with a fund that has similar vision and a proven track-record in aiding companies grow and become leaders on the global market."

Carmel Ventures general partner Daniel Cohen added: "Lightricks has exceptional achievements under its belt. What drew us to them was the team's vision and desire to build a leading company on a global scale. Lightricks has the rare combination of a unique technological core and a proven record of developing products that people want and are willing to pay for.

"We are always looking for partnerships with companies which can truly disrupt their market. Lightricks has been endowed with the ability to change the way people create and consume content on mobile devices."

Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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