Magisto, an Israel-based technology company which provides an app for creating and sharing movies on mobile devices, has secured $13m in series C funding from Qualcomm Incorporated, through its venture capital arm, Qualcomm Ventures, SanDisk Ventures and existing investors, including Magma Venture Partner and Li Ka Shing’s Horizons Ventures.
The new funding will be dedicated to expanding Magisto’s position in “video storytelling”, whereby personal movies are created and shared with specific people across a prescribed network.
Oren Boiman, chief executive officer and co-founder of Magisto, said: “Qualcomm and SanDisk products and technologies are essential components that help people capture photos and videos. Collaborating with the leaders of the personal photography eco-system will provide massive opportunities for Magisto. We share a vision for the future of personal video storytelling with both of these pioneering companies.”
Mony Hassid, senior director at Qualcomm Ventures, said: “Video and photography are now central to how people use their mobile devices and Magisto is at the cutting edge of that consumer experience. We envision a collaboration between hardware and software that will radically improve the way that consumers capture personal media, and dramatically enhance the quality, output and value of everyday photos and videos. Our investment reflects our confidence in that vision.”