Video News Company Wochit Raises $4.75 Million
Wochit is a video news company that has raised $4.75 million in funding. Wochit raised the funding from Redpoint Ventures, Cedar Fund, and Greycroft Partners. The company helps publishers deal with the high costs associated with producing videos and can monetize them.
Wochit helps news organizations put together videos in a timely manner around breaking stories as they pop up. Wochit even licenses raw footage from the original sources. Wochit produces videos that can be repurposed and embedded onto publisher websites. Wochit automates the process of editing footage into larger segments.
Dror Ginzberg, the co-founder and CEO, said that the process of creating the videos are about 95% automated. Ginzberg previously founded an image syndication company called PicApp, which was acquired by Ybrant Digital. Ran Oz is the founding CTO of Wochit. The company has 20 employees across their offices in New York City and Israel.
Wochit has template videos that can be used by any news organization and can customize videos for individual publishers. This makes white-labeling videos with bran dings much easier. Wochit creates hundreds of videos on a daily basis, produces them, and updates them with new context and information as it comes in. This helps publishers sell their own video ads or split ad revenues for ads that Wochit sold.
Some of Wochit’s partners include Reuters, Getty Images, Grab Media, Brightcove, Onescreen, and YouTube.