Magisto, a Tel Aviv, Israel-based service for creating personal movies on mobile devices, raised $2m from Russian Internet company Mail Ru Group (LSE:MAIL).
The investment is designed to accelerate growth. In addition to the funding, Magisto has integrated its offering into Odnoklassniki, a wholly owned subsidiary of Mail.Ru Group.
Led by Oren Boiman, CEO, Magisto provides a cloud-based mobile technology service for creating and sharing personal movies. It automatically selects moments from ordinary videos and photos and weaves them together to convey a story with customized styles and music.
The company said that the service, which can be accessed across iOS, Android and the Web, has surpassed 20 million registered users and is now acquiring two million users per month.
Magisto, which has offices in New York and California, is also backed by Horizons Ventures, Magma Venture Partner, Qualcomm Ventures and SanDisk Ventures (read here). Earlier this month, the company released CamCrew, a new technology for mobile devices on Qualcomm’s Snapdragon chipset that automates even more of the video-making process.