Magisto, the New York-based startup that provides automatic video editing services, has bagged a $2 million investment from Russian Internet firm Mail.ru Group, VentureBeat reported.
Sandisk and Qualcomm were the two investors in Magisto's previous round of financing. As a result of their support, the startup's technology got integrated into premium-priced digital cameras and memory cards which further grew the Magisto's registered users to 20 million. While the startup has not disclosed the number of active users, it revealed that 3.5 million videos are being edited on the platform every month, the report said.
As an automatic video editing firm, Magisto enables users to make a one minute movie by just uploading 10 minutes of rough video footage, five pictures and audio to the platform. The result is a presentation that looks like it was done by a professional. An update was also added to the site recently which basically allows users to make a movie that is more personal. To top it all, the entire movie-making process takes only seven minutes- definitely quicker than the time it would take for most people to put the entire movie manually, the report said.
With the most recent investment from Mail.ru, Magisto could get more users to potentially use the platform. Together with the funding announcement, Magisto also said that its technology will be integrated to Odnoklassniki, the social network which its Russian investor owns. This may not be a big deal for those in the US but in Russia, it's the biggest social network which boasts of 33 million unique visitors on a daily basis. With the integration, the opportunity is present for Magisto to get more users interested in its services, the report said.
Based in New York, Magisto was founded in 2011. So far, it has secured $20.5 million in funding so far, the report said.
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