Wochit receives $11.2 million in funding
Wochit is a video creation platform company that has raised $11.2 million in funding. The company raised the funding to roll out its text-to-video technology to any publisher that is looking for more ways to put more video in front of the audience. This round of funding was led by Marker LLC with participation from previous investors Cedar Fund, Greycroft Partners, and Redpoint Ventures. Some of Wochit’s customers include Forbes, AOL, and Yahoo! Wochit also has its own branded channels for news content.
Wochit’s technology has a natural language search function that crawls articles for keywords and phrases and then pulls relevant content from various sources. A Wochit video can be produced by the company for a fee and a cut of advertising that a publisher gets from the associated content. Wochit also provides automatically generated scripts and sends those scripts to voice-over professionals for audio. The video is then packaged and delivered to customers.
This round of funding was oversubscribed and closed over the course of a few months. Wochit previously raised $4.75 million in May 2013. THe funding will be used for growing sales and business development. The company will also hire more engineers.