Magisto, the video app that lets you automatically edit your videos and photos, has raised $13 million Series C round of funding. The money comes from Qualcomm Ventures, SanDisk Ventures and existing investors Magma Venture Partner and Li Ka Shing’s Horizons Ventures.
Magisto’s app, which is available for both Android and iOS, lets smartphone users select clips and photos as well as a soundtrack. The app then automatically tries to find the most important moments from the footage, and edits them together to a more polished clip. The company said Tuesday that it now has 13 million users, but declined to say how many monthly active users it has.
Magisto debuted on iOS in 2011 and launched an Android app a little over a year ago. The new funding brings the total amount raised by Magisto to date to $18.5 million. The company wants to use the new cash injection, amongst other things, to build up a US-based sales and marketing team.