Automated mobile video editing app Magisto has secured a $2 million strategic investment from Russian internet giant Mail.ru. As part of the partnership, Magisto also integrated its app with Mail.ru’s Odnoklassniki service, which is sort of like Russia’s Facebook. This brings the total amount of funding raised by Magisto to date to $20.5 million.
Magisto offers an iOS and Android app that automatically generates short, shareable videos based on raw footage you shot with your cell phone camera. The company revealed in a press release that it now has 20 million registered users, with that number growing by two million every month. Magisto’s users upload 29 million videos and photos every month, and the resulting clips get 20 million views a month.
Making use of the countless raw and unpolished videos cell phone users shoot every day is an interesting opportunity, but so far, it looks as if no one has really cracked the code on this. Google recently started to take a stab at the same problem; the company began to automatically compile videos and photos to highlight reels dubbed “auto-awesome videos” as part of a Google+ update in October.