Text to video platform developer Wibbitz Ltd. has raised $2.3 million from Hong Kong-based Horizons Ventures of Li Ka-shing. The company has raised $2.8 million to date from Horizons, Lool Ventures, Initial Ventures, and Kima Ventures.
Wibbitz CEO Zohar Dayan and VP business development Yotam Cohen founded the company in 2010. Its technology saves time by watching a one-minute video clip before going to relevant articles. The video platforms can be embedded in the video clip.
Dayan says, "We will mainly use the capital raised to meet growing demand from major news organizations, and to expand the team by hiring more programmers, as well as to open an office in New York."
Horizons Ventures has already invested in several Israeli start-ups, including everything.me, Magisto Ltd., Onavo Ltd., and Waze Ltd. The investments' common denominator is visionary companies developing products with artificial intelligence.
Horizons Ventures does not have a representative office in Israel, and handles contacts with Israeli companies through Gilad Novik, a former Israeli who resides in London who serves as the fund's VP technology.
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2012
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