Magisto Receives $2 Million Investment From Russian Site Mail.ru
A New York City based startup by the name of Magisto, has recently managed to acquire a $2 million investment for providing its automatic video editing services to a Russian internet firm named Mail.ru Group.
With the support of two investors from Qualcomm and Sandisk, Magisto previous round of financing was a success and resulted in the startup’s technology being integrated into a into a premium deal. Digital Cameras and memory cards can be used with Magisto thanks to the integration, which caused a surge in registered users that has reached over 20 million individuals. While the numbers of exact active users have not been disclosed by Magisto at the current moment, it has been revealed that en estimated 3.5 million videos have been edited on the platform every month.
Magisto allows users to record a one minute movie by just loading a 10 minute unedited video footage, five pictures, and audio on the platform. The final results lead the placed media too look like its been presented by a true editing professional. A recent update has been placed on the startups main website, which has enabled users to make a movie that can be more personal to the user. The best part of all, the entire process for making the movie only takes up to seven minutes, which is far quicker then even most pro’s would take to put up an entire movie manually.
With in thanks to the recent investment from Mail.ru, The potential of Magisto could grow even further with the use of more people on the platform. Alongside with the recent funding, Magisto has also manage to integrate its technology to Odnoklassniki, a social networking site owned by Russian investors. While this may not seems as important to those who reside in the US, the Russian social network has around 33 million unique visitors on a daily basis, giving them plenty to boast about. With this partnership, Magisto has earned an opportunity to receive even more users to its services.