New York, October 29, 2013 -- Magisto, the easiest way to create and share professional-quality personal movies from a mobile device, today announced that it 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 Partner and Li Ka Shing’s Horizons Ventures.
The new funding will be dedicated to expanding Magisto’s 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 recently announced the latest version of Magisto, which includes a redesign and new creation and consumption functionality aimed at making video storytelling as easy and as common as text messaging. With more than 13 million users Magisto is quickly becoming the go-to destination for personal video.
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 powerful storytelling option for users with only a small collection of photos broadening the companies target audience and potential for growth.
"Qualcomm and SanDisk products and technologies are essential components that help people capture photos and videos,” said Oren Boiman, CEO and Co-founder of Magisto. “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.”
Consumers are creating hundreds of millions of hours of video on their phones and tablets. The overwhelming majority of those captured personal experiences never get shared. As devices and software become increasingly sophisticated so too does the nature of their technical and commercial interactions. By embracing a collaborative strategy, companies like Magisto, Qualcomm and SanDisk can unlock the value of personal video and photos and be at the center of the rise in video storytelling.
Driven by artificial intelligence and simple user experience, Magisto is a cloud-based service for creating and sharing professional-quality personal movies. It automatically selects the most compelling moments and, like an expert video editor, weaves them together to convey a story with customized styles and music. Magisto can be used across iOS, Android and the Web, and is the highest-rated video creation app in the Google Play and iOS App Stores.
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The company is funded by Horizons Ventures and Magma Venture Partners and maintains its headquarters in Tel Aviv, Israel, with offices in New York and California.
Qualcomm Ventures, the venture investment group of Qualcomm Incorporated, was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures’ aim is to support Qualcomm’s mission of enabling and fostering 3G and wireless industries through investments in privately owned startup ventures. These investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical segments worldwide. For more information, please visit www.qualcomm.com/ventures. Qualcomm is a trademark of Qualcomm Incorporated, registered in the US and other countries. All Qualcomm Incorporated trademarks are used with permission.