Video News Specialist Wochit Raises $4.75 Million From Redpoint, Cedar Fund, And Greycroft

Posted: May 13, 2013 in GT
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Video is becoming an increasingly important part of
news coverage online. But it’s also expensive and
time-consuming to produce, and many publishers
don’t have the resources to create them on their own.
A startup called Wochit is changing the economics
around video production for breaking news, and has raised $4.75 million to make their technology
available to more publishers. Wochit makes it easier for news organizations to
have timely videos around breaking stories as they
happen. By licensing raw footage from original
sources, the startup produces videos that can be
repurposed and embedded onto publisher sites. But
the secret sauce is in how Wochit brings those pieces together — by automating the process of editing
footage into watchable segments. According to Wochit co-founder and CEO Dror
Ginzberg, the process is about 95 percent automated,
which drastically reduces the time and cost
associated with producing timely news videos. For
news organizations that aren’t local to where a
particular news story is breaking, or for those who don’t have the resources or personnel to produce the
content themselves, Wochit enables them to publish
and monetize videos related to the news. For each story, Wochit creates a template video that
can be used by any news organization, but it can also
provide more customized videos for individual
publishers. That allows them to provide white-labeled
videos with their own branding, incorporating their own
media and basing content of the video on the text of their stories. Altogether, Wochit is making hundreds of news
videos daily, which can be embedded on publisher
sites. Not only are they producing them, but they’re
also updating them to provide new context and
information as it happens. They also help publishers
to monetize, allowing them to sell their own video ads along with or split ad revenues for ads that Wochit
has sold. To advance its go-to market strategy, Wochit has
raised $4.75 million from investors that include
Redpoint Ventures, Cedar Fund, and Greycroft
Partners. The company was founded by Ginzberg,
who previously founded image syndication platform
PicApp, as well as CTO Ran Oz who was a co- founder and CTO of BigBand Networks. It now has 20
employees, with offices in Israel and New York City.

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