Magisto Closes $13M Series C Funding Round With Qualcomm
Magisto, which creates simple home video editing apps for iOS and Android, announced that it has closed a Series C funding round and taken in an additional $13 million. The round was led by Qualcomm Ventures, the venture capital division of Qualcomm Incorporation, with participation from SanDisk Ventures and existing investors Magma Venture Partners and Horizons Ventures.
Back in September, 2011, Magisto raised $5.5 million in a Series B funding round.
Along with the Series C news, Magisto offered impressive stats on its growth. In the past year, the Magisto user base has risen from 1 million to 13 million, the company wrote in a blog post. It counts registered users in over 100 countries.
Sandisk sees tools that can create engaging videos as a mostly untapped market, says Sumit Sadana, executive vice president and chief strategy officer at SanDisk. He notes that video is a growth driver for flash storage and mobile devices, so the rise in home video helps SanDisk's core business.
Qualcomm also noted video's ability to drive hardware:
“We envision a collaboration between hardware and software that will radically improve the way that consumers capture personal media, and dramatically enhance the quality, output, and value of everyday photos and videos," says Mony Hassid, senior director at Qualcomm Ventures. "Our investment reflects our confidence in that vision.”
Cloud-based service turns footage into films with minimal input from the user.