Israeli text-to-video startup Wibbitz has raised $8 million in Series B funding. Wibbitz will use the investment to expand the presence of its video creation technology in the US, enabling publishers to build efficient and scalable video into their content strategies. The financing round was led by NantMobile, founded by L.A based billionaire Patrick Soon-Shiong with the participation of existing investors Horizon Ventures, Lool Ventures, Initial Capital and Kima Ventures. The company has raised $11.8 million to date.
Wibbitz CEO Zohar Dayan and VP business development Yotam Cohen founded the company in 2010.
Wibbitz provides publishers with a scalable text-to-video platform to quickly increase video inventory and better monetize their content with pre-roll ad space. It creates broadcast ready, branded videos for publishers - within seconds - to meet the demand for digestible video content that can be watched on any device.
This is accomplished using sophisticated automated technology that turns existing text-based articles into video summaries with little input or edits needed from the publisher. It analyzes the text for tone and content to help create a summarized script, which is then automatically matched with visual content and a narrative voiceover to complete the video creation process.
Dayan said, "High quality video content is no longer a luxury for publishers - it’s a necessity. Most video content is expensive to produce and maintain, and our technology solves this growing issue. Newsrooms are shrinking, video production remains costly, and there is huge demand for video ad placement. Wibbitz relieves these pressures so that editors can focus on creating quality content while executives can establish new opportunities for revenue."
Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2015
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