VideoSurf Raises $16 Million in Series C Financing Funding Secured from Pitango Venture Capital and Patent Awarded for Computer Vision Technology
SAN MATEO, Calif., April 14, 2011 /PRNewswire/ -- VideoSurf, the leader in video discovery, today announced it has raised $16 million in Series C financing from Pitango Venture Capital and additional strategic investors. The company has now raised a total of $28 million. VideoSurf also announced that it has been awarded a patent for its proprietary computer vision technology that enables computers to "see" frames inside videos providing superior search relevancy and an enhanced user experience.
"Our technology allows consumers to easily discover what to watch on any device from the infinite amount of videos available," said Lior Delgo, Chief Executive Officer and Co-Founder of VideoSurf. "This funding gives us the resources to scale the company as we continue to hire the best talent and invest in our technology."
VideoSurf's patent has been awarded for its proprietary technology that analyzes all frames within a video to visually identify prominent objects at a speed not previously possible. This analysis occurs 10 times faster than the speed of video playback and enables VideoSurf to know more about the video content.
"The online video market is growing exponentially and now can be accessed on TV as well as mobile devices," said Eitan Bek, a Partner at Pitango Venture Capital. "We have great faith in Lior and his team and see big potential for VideoSurf."
VideoSurf reaches over 20 million unique users per month, including over 12 million who visit www.videosurf.com. The company was founded in 2006 by a team of proven entrepreneurs and leading experts in search, computer vision and fast computation, who came together to develop advanced solutions for video discovery. VideoSurf's CEO and co-founder, Lior Delgo, previously founded the first real-time search engine for travel, FareChase Inc., which he sold to Yahoo! in August 2004. VideoSurf's chief scientist, Professor Achi Brandt, invented multi-grid fast computation, which VideoSurf uses to compute complex algorithms in milliseconds. He and the company's chief technology officer, Dr. Eitan Sharon, are also leading experts in computer vision, the technology that lets computers "see" inside the videos. Shai Deljo, chief operating officer, led the engineering team at FareChase before architecting system and operations for Yahoo! Answers.
VideoSurf is the leader in video discovery. Through its patented computer vision technology, VideoSurf enables consumers to discover, search and identify videos on any device. In addition to audio recognition, VideoSurf uses proprietary video recognition technology to "see" frames inside videos, providing superior search relevancy and an enhanced user experience. VideoSurf reaches over 20 million unique users per month, including over 12 million who visit www.videosurf.com. VideoSurf was founded in 2006 by a team of proven entrepreneurs and leading experts in search, multi-grid techniques, computer vision and fast computation: Lior Delgo, CEO; Prof. Achi Brandt, Chief Scientist; Dr. Eitan Sharon, Chief Technology Officer; Shai Deljo, Chief Operating Officer. The company is based in San Mateo, California. For more information, visit www.videosurf.com or www.videosurf.com/mobile.
About Pitango Venture Capital
With over $1.3 billion under management and a growing portfolio of innovative start-ups, Pitango is Israel's leading Venture Capital fund.
Candice J. Yusim
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