Magisto, a San Francisco, CA-based provider of a free, web-based video editing service, has closed a $5.5m financing.
Backers include Hong Kong-based Horizons Ventures and Magma Venture Partners, which led the Series A Round in 2010.
The company also announced the public availability of its service that transforms unedited videos into short movies with titles, music, and all the best scenes to share on Facebook, Twitter, YouTube, or via email. Through an advanced computer vision technology, Magisto automatically analyzes videos and assembles the most interesting parts in a single clip, detecting and indexing people, scenes and behaviors.
Magisto was co-founded and is led by CEO Oren Boiman and CTO Dr. Alex Rav-Acha.