WeVideo, a cloud-based video editing platform, has secured a $19.1 million funding round, led by Crest Capital Ventures of Houston, Texas, according to DMW Media.
The company plans to use the funding to invest in its development team and expand the product’s offerings.
While most desktop editing software is limited by the hardware of the computer being used, WeVideo provides an online video editing platfrom that can scale to a user’s processing speeds on demand. The company effectively brings down “the barriers traditionally associated with video editing—namely the cost, complexity, and the need for major computing resources,” the company’s website explains.
The company allows video producers to collaborate and share video clips on a single interface. Its free version provides 1 GB of workspace, while other scaled offerings range from $6.99 to $79.99 for 10 to 100 GB of workspace, plus additional production features. The company also offers an enterprise feature that’s priced according to its clients’ needs.
The Sunnyvale, Calif. Company launched as a spin-out of Creaza, a European startup that offers a similar video editor that’s education focused. It debuted at the 2011 Demo Conference. The company integrated into YouTube in late 2011 to allow YouTube users to edit videos.
“Our new ‘Tag & Bag’ feature is where networks, syndicators and broadcast stations can save time, save money, and improve efficiencies.” said Jostein Svendsen, WeVideo co-founder and CEO. “This will be a boon for all companies who deliver short form promos or commercials where local customization is required before broadcasting.”
The company is expected to have over a million users by the end of the year.