Magisto, a Tel Aviv, Israel-based mobile platform to create and share professional-quality personal movies, secured $13m in Series C funding.
Backers included Qualcomm Incorporated, through Qualcomm Ventures, its venture capital arm, SanDisk Ventures and existing investors Magma Venture Partner and Li Ka Shing’s Horizons Ventures.
The company intends to use the new funding to expand its position in the category of Video Storytelling, the ability to create movies, and share them with specific people across a prescribed network.
Led by Oren Boiman, CEO and Co-founder, Magisto provides 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. It can be used across iOS, Android and the Web.
The company also offices in New York and California.