ReelGenie secures USD 850,000 seed funds
Maryland-based startup ReelGenie secured seed funds amounting to USD 850,000. The round was led by CNF Investments, the Maryland Venture Fund, Wharton School faculty members, and angel investors. ReelGenie is an online service that allows users to create videos from different kinds of multimedia contents. ReelGenie also provides a platform for sharing or downloading the video online or purchasing it as a DVD.
ReelGenie is headquartered in the Silver Spring Innovation Center. In March this year, the company was invited to the SXSW Accelerator, and it has been closed testing its product. The funds secured from this round will be to fine-tune its product before the scheduled release this fall. It will also be used to jumpstart the business development and marketing side of the service. ReelGenie Founder and CEO David Adelman said their service empowers users. "More than ever, consumers are telling their life stories through photos, videos, and narratives. ReelGenie empowers them to organize this wealth of data and publish it in a compelling way. Our technology makes it easy to createa video with the same quality as a professionally produced movie," he added.