Wibbitz, an Israel-based maker of a text-to-video platform that automates the production process for online video, said it has raised a $8 million Series B round that will fuel its entry into the US market.
NantMobile led the round alongside participation from existing investors Horizon Ventures, lool ventures, Initial Capital and Kima Ventures.
Wibbitz, which has opened an office in New York, said its platform automatically turns any text-based article or feed into a video, claiming that the capability will help online video publishers create broadcast ready, branded videos “within seconds” for viewing on a wide range of devices. The company also claims that its automated technology also turns existing text-based articles into video summaries without much input or editing from the publisher.
Boiled down further, Wibbitz said its system analyzes text for tone and content to help create a summarized script, which is then automatically matched with visual content and stitched with a narrative voiceover.
“High quality video content is no longer a luxury for publishers - it’s a necessity. Most video content is expensive to produce and maintain, and our technology solves this growing issue,” said Wibbitz co-founder and CEO Zohar Dayan, in a statement. “Newsrooms are shrinking, video production remains costly, and there is huge demand for video ad placement. Wibbitz relieves these pressures so that editors can focus on creating quality content while executives can establish new opportunities for revenue.”
Wibbitz, founded in 2011, said it will be focusing on expanding its business development, sales, marketing, and editorial teams, with plans to hire about 20 new employees in the areas of sales, marketing and editorial, but will keep its R&D group based in Tel Aviv.
With the new round factored in, Wibbitz has raised about $10.4 million, according to CrunchBase.