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Digitalsmiths closes on $12M in new financing

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Digitalsmiths, a startup focused on indexing and analytics related to video, has closed on $12 million in new financing.

Boston-based .406 Ventures joined The Aurora Funds of Durham and Chrysalis ventures in the round as a new Digitalsmiths backer.

"After looking at numerous potential digital video investments, the magnitude of opportunity at Digitalsmiths became crystal clear and we are delighted to have led this financing round," said Maria Cirino, managing director of .406 Ventures, in a statement.

"The quality of Digitalsmiths' indexing and analytics is unparalleled and as such offers exciting possibilities to content providers and advertisers looking for newer and more promising ways to monetize vast amounts of internet video,” she added. “The traction that Digitalsmiths has already achieved with blue-chip customers speaks volumes for the company's market-leading technology and is a credit to Ben and his talented team."

Digitalsmiths set out to raise $5 million but ended up closing on an oversubscribed round of $6 million in venture capital in December a year ago.

The company launched in South Carolina but moved its headquarters to the Triangle last year.

Digitalsmiths works with clients to digitize video and make it searchable. Its VideoSense technology is patent pending.

"In the next phase of broadband video adoption, success will be earned one video stream at a time," Weinberger said in Thursday’s funding announcement. "Our suite of technology solutions insures that our clients have the granular content indexing, distribution, tracking and analytics required to maximize the value of every single viewer experience with their content on every interactive platform."

The new funding will be used for product development, the company said.

In January, Digitalsmiths expanded its management team, hiring William Stratton, a former executive with Turner Broadcasting, as chief operating officer, and Petra Weishaupt-Smith, who worked at Cary-based A4 Health Systems before it was acquired by Allscripts, as chief financial officer.

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