The Google of Video? Digitalsmiths Closes on $6M
Ben Weinberger, left, and Matthew Berry founded Digitalsmiths in 1998.
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The startup that wants to do for video what Google has done for the Web cashed in on its vision Tuesday.
Digitalsmiths set out to raise $5 million but ended up closing on an oversubscribed round of $6 million in venture capital, the company disclosed Tuesday.
WRAL Local Tech Wire reported on June 4 that the company had closed on at least $5 million. According to Chief Executive Officer and co-founder Ben Weinberger, Digitalsmiths “can do for video what Google has done for text on the Web.”
Information it acquires from Web viewers enables clients to match visitors with advertising content that meets their demographic and viewing criteria. Viewers and ads are matched based on audio recognition, video recognition, and behavioral data.
Investors include Triangle-based Aurora Funds. Also investing was Chrysalis Ventures as well as individuals.
Digitalsmiths recently relocated its headquarters to the triangle from Beaufort, S.C. The company is developing of video search and Web viewer demographic technology called VideoSense.
The company plans to double its staff to some 20 people and step up sales and marketing efforts.
Digitalsmiths works with clients to digitize video and make it searchable. Its VideoSense technology is patent pending.
“This funding represents a tremendous vote of confidence in VideoSense and recognizes the incredible revenue opportunities created by the explosion of broadband video and online advertising,” Weinberg said in a statement.
“The Aurora Funds and Chrysalis Ventures are ideal partners for our funding needs,” he added. “They have proved invaluable in helping us to establish new and productive relationships across our industry.”
Weinberger co-founded the company along with Matthew Berry in 1998. Digitalsmiths did close on less than $1 million in financing from angel investors in 2006.
“Digitalsmiths is a great complement to our portfolio,” said Jan Bouten, principal at The Aurora Funds. “In VideoSense, Ben and Matt have created an impressive product that is a true distillation of their collective experience in the digital media, entertainment and technology arenas.”
Chrysalis Ventures is based in Louisville, Ky.
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