Blog Post

Media Software Startup doubleTwist Raises $5 million From Ovitz, Others

DoubleTwist has raised $5 million in a round of funding from a set of high-profile investors. They include Horizon Ventures, the investment arm of Hong Kong-based billionaire Li Ka-Shing; Michael Ovitz, the former president of the Walt Disney (NYSE: DIS) Company; Alex Zubillaga, the former head of digital strategy at Warner Music; Skype-backer Index Ventures; and Northzone Ventures. With the new round of funding, DoubleTwist will now have raised a total of $7.3 million. A spokeswoman says that the additional funds will be used to increase the size of the company’s engineering and product teams, expand into Asia and Europe, and partner with device manufacturers. The company’s software makes it easier for people to download music, videos or other content from devices, like phones, onto their computers and then share it with a different device or upload it online, bypassing the need for specific software for each device.