Wibbitz, an Israel-based startup developing technology that can convert text-based content into video form, has raised $8m in a series B round led by digital advertising platform NantMobile, Geektime reported yesterday.
The round also included venture capital firms Horizon Ventures, Lool Ventures and Kima Ventures, and VC fund Initial Capital, all of which participated as existing investors.
Founded in 2011, Wibbitz first demonstrated its text-to-video technology in a mobile news app, but has now launched a video creation platform for advertising publishers. It works with media companies such as the Times of Israel and the Telegraph, to create short videos to accompany text content.
The series B funds will go towards expanding the company’s US office and growing its business development, sales, marketing and editorial teams. Wibbitz has now raised $11m in total.