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Wochit Raises $4.75 Million From Redpoint, Cedar and Greycroft


May 13, 2013 - NEW YORK, NY

NEW YORK, NY--(Marketwired - May 13, 2013) - Wochit Inc., which provides web publishers with a constant supply of ever-fresh news video, has closed a $4.75 million series A venture capital round from Redpoint Ventures, Cedar Fund and Greycroft Partners. The company is using the proceeds to accelerate go-to-market efforts, including new initiatives with its customers on producing, syndicating and monetizing videos about any topic as news happens.

"Web publishers are seeking ways to distinguish themselves from competitors with rich and engaging content, and Wochit fulfills that need with its innovative model for video production and distribution," says Dean Gilbert, who is a venture partner with Redpoint and a senior advisor to YouTube. "Wochit brings advantages in quality, flexibility, cost, scale and timeliness of video to open new revenue opportunities for publishers."

Wochit's customers include web sites, mobile applications, news organizations, blogs and other publishing entities. The company combines advanced technology with production expertise to create hundreds of news videos daily that publishers can select and integrate based on which ones match topics of interest for their audiences. New initiatives by Wochit include organization of content by channels about particular subjects, which customers can embed as feeds that are automatically refreshed with new, topical video. Additionally, customers have expanding white-label publishing options such as videos with promotion of their brands, incorporation of their media and basis in their stories.

"This financing positions Wochit to continue enhancing the work we do with our growing customer base, including white-label production, expanding ad monetization and more options for embedding Wochit's ever-fresh videos," says Wochit co-founder and CEO Dror Ginzberg. "As Wochit continues growing, we gain additional benefits from the expertise that Redpoint, Cedar and Greycroft bring as established supporters of entrepreneurial innovations in media."

Redpoint Ventures, Cedar Fund and Greycroft Partners are all distinguished by their records of backing companies that transform production, distribution and consumption of media. Within these activities, Redpoint and Cedar previously worked with Wochit co-founder and CTO Ran Oz on BigBand Networks (IPO, acquired by Arris Group), for which he was also a co-founder and CTO.

"The Wochit team is unique in combining expertise both in the craft of video production and in multiple relevant technologies," says Cedar Fund managing partner Gal Israely. "We are thrilled to work with Wochit on accelerating the company's impressive growth, including innovative new ways that web publishers can showcase ever-fresh content, incorporate their own perspectives and monetize."

About Wochit:
Wochit produces ever-fresh, studio-quality video about any topic as news happens. Web sites, mobile applications, news services, blogs and other publishing entities utilize the company's platform for new revenue opportunities and better audience engagement. By working with Wochit, a publisher economically achieves the effect of having its own newsroom for video production. Backed by Redpoint Ventures, Cedar Fund and Greycroft Partners, Wochit is based in New York with offices in Tel Aviv.

Media contact:
Seth Kenvin
(415) 672-5548
seth.kenvin@wochit.com

MarketWire

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