Wibbitz, the Israel-based startup behind the text-to-video technology that automatically converts text-based articles, blog posts or feeds into videos so you never have to read again has announced it’s Round A investment this morning, in the amount of $2.3 million.
The $2.3 million funding round is led by Li Ka-shing’s Horizons Ventures, with participation by the company’s previous investors, Initial Capital and Lool Ventures, as well. Li Ka-shing is known for investments in hugely successful tech companies like Facebook, Siri and Spotify and has also invested in a number of other Israeli startups, including Waze, Onavo and Magisto.
Zohar Dayan, Co-founder and CEO of Wibbitz, told me via email, “We intend to use the new funding to support the growing demand for our services among publishers and users and to constantly improve our video creation algorithms. We are also scheduled to expand the development team and set up a NYC based office.”
Not familiar with Wibbitz? A press release explains how the service works. “The magic behind Wibbitz’s technology is the ability to automatically convert text to video. Step 1 s algorithmic analysis of the text’s true meaning. Step 2 is the ability to tie together the most relevant images, video elements, and narration. The result is a slick, insightful and succinct one to two minute video.”
Check out the video below to find out more about Wibbitz and check out our post on the company from last fall to see Wibbitz in action.
Image credit: Lukiyanova Natalia / frenta
Megan O’Neill is the resident web video enthusiast here at Social Times. Megan covers everything from the latest viral videos to online video news and tips, and has a passion for bizarre, original and revolutionary content and ideas.