Vyng, a Los Angels-based company focused on mobile conversations, has raised $4 million in Series A round led by Omidyar Network India and March Capital Partners, with participation from Alpha Edison and the Entrepreneur Fund.
The funding will be used by the company to grow its global team, partner with other app-based companies and to develop patents to drive its video content experience on smartphones, said a release.
“Vyng brings a powerful video content experience to what was previously an audio-only caller ID, creating a new distribution channel for short-form content owners and a better experience for making and receiving phone calls. We are constantly inundated with notifications and spam we don’t care about. By showing a personalised video on the lockscreen, Vyng is elevating the people and conversations that matter most,” said Paul Kats, CEO and Co-founder, Vyng.
Launched in 2017, Vyng enables users to begin conversations on the lockscreen. It transforms a user’s caller ID into a video chosen by either the user or the incoming caller. Its technology allows users to create their own video ringtone or caller ID, or choose from a curated library of videos arranged by interest channels.
"For the new wave of mobile internet users in India, whom we refer to as the 'Next Half Billion', there is an urgent need to reimagine the user journey. Vyng does that by integrating video and social expression to an existing behaviour, the phone call. Our research shows that building locally relevant experiences is key to creating online trust and usage. We believe, with its largest customer base already in India, Vyng is redefining engagement on smartphones,” said Siddharth Nautiyal, investment partner, Omidyar Network India.
The company has three current patents for its propriety technology delivering video through calls and contextual texting. It claims to have two billion videos played across 170 countries since its launch in early 2017.
In February this year, Vyng had raised an undisclosed amount from angel investor Sandeep Sondhi.