Wibbitz, which uses AI to make short videos supported text news stories, has raised $20 million in series C funding.
The money comes from some of big names within the media world, with Bertelsmann Digital Media Investments (a subsidiary of German media conglomerate Bertelsmann) leading the round and participation from The Weather Channel, The Associated Press and TF1. Previous backers NantMobile, lool Ventures and Horizons Ventures were also a part of the new funding.
Co-founder and chief executive officer Zohar Dayan described the round as “a immense testament to what we’re doing and therefore the value our technology brings to those companies.”
“Just looking at these names that partiicpated within the funding round — these aren’t little firms,” Dayan said. “It wasn’t like they weren’t producing video before.”
He added that Wibbitz’s technology is meant to supplement publishers’ existing video groups, permitting them to automatically produce an oversized quantity of videos during a low-priced method while the humans “really concentrate on the high end.”
The company was founded in 2011, but it didn’t build a giant push into the u. s. until 2 years ago. New publishing partners include Bloomberg, Cox Media group and therefore the aforementioned Weather Channel TV network.
You can watch some sample videos here. It’s possible, by the way, that you’ve already seen a Wibbitz video without knowing it: Dayan aforesaid the goal is to form them indistinguishable from videos created by humans.
“One of the key trends that we’ve been seeing is much more openness towards AI once it comes to content creation,” he said. “I think that people are extremely starting to come around, or have already come around, and understand the worth that it brings. You don’t have to compromise on quality.”
Wibbitz has currently raised a complete of $30.8 million. Dayan said the new funding can facilitate the company hire across-the-board, as well as expand globally and improve its AI and automation.