Mobile video app Magisto Ltd. has raised $2 million from Russian Internet company Mail.Ru Group plc (LSE: MAIL), and integrated its product with the latter's social network, Odnoklassniki.
"This investment and the integration with one of the world's largest social networks reflect the universal appeal of Magisto: namely, that sharing experiences, emotion, and stories is a basic human impulse, regardless of geography and language," said Magisto CEO Oren Boiman.
Magisto added that it has surpassed 20 million registered users and is now acquiring two million users per month. It has more than doubled its registered users since September 2013, and quadrupled its registered uses since March 2013. Users are uploading 29 million videos and photos per month.
Magisto's cloud-based product is used to create and share personal movies. It automatically selects the most compelling moments from ordinary videos and photos, weaving them together to convey a story with customized styles and music. It is available for iPhones, Android devices, and the Web.
Headquartered in Tel Aviv, Magisto has offices in New York and California. It investors include Magma Venture Partners, Horizons Ventures, Qualcomm Inc. (Nasdaq: QCOM) and SanDisk Corporation (Nasdaq:SNDK) through their venture capital arms Qualcomm Ventures and SanDisk Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2014
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