US video editing startup Magisto raises $2M in funding, partners with Russia's Mail.ru
American automatic video editing startup Magisto has secured $2 million in a funding round from Russia-based email and web portal Mail.ru. In addition, the New York-based firm will also be integrated into the latter's social network Odnoklassniki, according to VentureBeat.
Magisto's previous funding round from Sandisk and Qualcomm allowed its technology to be integrated into digital cameras and memory cards. Because of that integration, the startup has doubled its registered users to 20 million, the report detailed.
Along with the latest $2-million round, Magisto's technology will now be integrated into Odnoklassniki, the social networking site owned by Mail.ru. With 33 million daily unique visitors, this is actually Russia's biggest social network. The newest deal could spell an even bigger opportunity for Magisto to attract new customers, the report explained.
Founded in 2011, Magisto is a service that allows users to generate a professional-looking minute-long movie using a 10-minute footage, five images, and one audio file. The company has recently released an update that will let users create a personal movie within just seven minutes. To date, the firm has raised a total capital of $20.5 million, VentureBeat reported.