On Tuesday, video intelligence startup Vidooly announced raising series A funding of $1.4 million (Rs 8.9 crore) from GVFL and Times Internet. The company will use the funds for product engineering, marketing, as well as enhancing their sales and distribution channels.
Launched in November 2014, Vidooly’s online video intelligence software platform allows content creators, brands, multi-channel networks, agencies, and media companies to drive more engagement to their video content. Vidooly's audience and content insights empower video teams to optimise their media buy at scale, refine their content, distribution, and optimisation strategy, and find and partner with influencers as well.
Talking about the fundraise, Co-founder Nishant Radia said,
“We are extremely excited to have GVFL and Times Internet on board for our Series A. Video consumption over the last couple of years has exploded and we estimate a further increase in demand for video intelligence. We also plan to utilise the funds raised to expand in attractive markets such as the US, Europe, and Asia and also strengthen the team at Vidooly.”
Adding on, Sanjay Randhar, MD, GVFL, said,
"In recent times, the online video market globally is in hyper-growth mode with millions of users embracing web and mobile videos. Vidooly's cross-platform video analytics platform offers a compelling value proposition to stakeholders across the online video ecosystem, be it content creators or brands, by delivering intelligent insights on audience video consumption behaviour."
In 2014, Vidooly was a part of the accelerator programme run by Times Internet-backed startup incubator TLabs.
Speaking on the investment, Abhishek Gupta, COO, TLabs, added,
"There has been tremendous growth in videos over the past couple of years and yet there are very few tools that creators can use to understand their audience and their likes/dislikes. We are really excited that the Vidooly team understands the pain points of creators and continues to build the platform for them to succeed.”
Since its inception, the company claims to have had over 20,000 video content creators across over 28 countries sign up on the platform.
At present, Vidooly's big data engine claims to analyse the engagement of over 500 million viewers and tracks 250 million videos across five platforms, including YouTube, Facebook, Twitter, Vine, and Instagram. Some of the startup's clients include Fine Brothers, The Quint, Network18, GroupM, Mindshare, Thoughtful Media, and WebTV Asia.
According to a study by CISCO, over 78 percent of the world’s mobile data traffic will be video by 2021. Over 300 hours of video are uploaded every minute to YouTube while Facebook witnesses over 100 million hours of video watched every day. With the rise of newer technologies and formats such as live streaming, virtual reality, online streaming, augmented reality, 360-degree videos and the like, the company believes data-driven content creation and analytics will be in demand.