Israeli social video creation platform Wochit has closed a $13 million financing round, with investment from media giants ProSieben, Singapore Press Holdings’ SPH Media Fund, Carlo de Benedetti and several existing investors including Redpoint, Marker LLC and Cedar Fund. The funds will be used to further enhance Wochit’s award-winning technology and to expand its business with publishers and content creators worldwide.
The investment from existing customers, each representing dozens of brands, is a testament to the strategic value of the Wochit platform, which supports rapid, cost-effective production of timely, socially-optimized video. By empowering storytellers with intelligently-applied automation and the largest library of pre-licensed assets, Wochit ensures quality results for publishers seeking a cost-effective video solution.
Based in Bet Dagan near Tel Aviv and with offices in New York and London, Wochit was founded in 2012 by CEO Dror Ginzberg and CTO Ran Oz.
Ginzberg said, "I’m proud that such esteemed media organizations value the impact Wochit is having on the industry to a degree that they are taking a stake in our continued growth. We’re confident that this investment will give us the ability to continue to drive results for our current partners and broaden our client base into new markets around the world.”
ProSiebenSat1 Digital chief product officer Jens Doka said, “The proliferation of content platforms has resulted in an incredible demand for video. With Wochit, ProSiebenSat.1 is able to produce video content at the scale needed to address this growing need, even providing tools to help deliver that content in the right format for each distribution channel.”
Published by Globes [online], Israel business news - www.globes-online.com - on October 27, 2016
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