Video search and metadata provider Digitalsmiths announced it had closed an oversubscribed $12.5 million expansion funding round and added lab giant Technicolor, which led the round, as a stakeholder.
The company said the financing would support domestic and international sales of Digitalsmiths' video search and discovery products.
"This new funding validates our market progress. Our mission is to redefine video consumption by reaching the broadest array of devices with the most powerful video discovery platform available," said Digitalsmiths CEO and co-founder Ben Weinberger. "We are fanatical about helping video providers make more money by offering next generation video search and personalized discovery experiences."
In addition to Technicolor, all existing investors including .406 Ventures, Aurora Funds, Chrysalis Ventures, Capitol Broadcasting and Cisco, participated in the financing. To date, Digitalsmiths has raised $30 million.
Video content owners use Digitalsmiths' products to improve their search, recommendation and overall discovery capabilities. Digitalsmiths recently partnered with Turner Sports to give NCAA March Madness fans the ability to search video highlights in real-time during the tournament. Additionally, all video was targeted with ads using Digitalsmiths' real-time data thus opening new revenue streams.
"The market opportunity for companies such as Digitalsmiths is huge and growing," said Colin Dixon, senior analyst at The Diffusion Group. "The underlying key to monetizing this content is not just search but actually the discovery of content. Deep metadata enables discovery and unlocks new, additive monetization models as evidenced in the capabilities of the NCAA March Madness video portal. This provides benefits to advertisers and content owners alike."
- see this release
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