Video search and publishing firm Digitalsmiths raised an additional $12 million in venture funding, the company announced today.
The Series B round was led by .406 Ventures, with money also coming from current investors Chrysalis Ventures and Aurora Funds.
The cash infusion follows Digitalsmiths’ initial $6 million round of funding.
The money will go to product innovation, engineering and the opening of a Los Angeles office, said Digitalsmiths CEO Ben Weinberger. The company is focused on powering online video search and publishing for big media firms, and that’s why the LA expansion is important, he said.
Current customers include TheWB.com, TMZ.com and Essence magazine.
The funding round follows news earlier today from mobile video technology company Transpera that it had landed an additional $8.25 million in venture capital, marking two bright spots against the larger spending freezes occurring across the economy.
“If you do take into account what is going on in the larger environment, the kind of stuff we focus on is monetizing video and we paid on performance-based metrics. So we’re not making money if clients don’t make money,” Mr. Weinberger said.
Digitalsmiths Lands $12 Mil From Investors
Nov 13, 2008 • Post A Comment
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