Magisto said the funding would be dedicated to expanding “its leadership position in the emerging category of ‘video storytelling’”, which allows people to create professional-looking personal movies.
Qualcomm Ventures senior director Mony Hassid said, “Video and photography are now central to how people use their mobile devices and Magisto is at the cutting edge of that consumer experience.
“We envision a collaboration between hardware and software that will radically improve the way that consumers capture personal media, and dramatically enhance the quality, output and value of everyday photos and videos.
“Our investment reflects our confidence in that vision.”
Earlier this year venture capital firm East Ventures and angel investors provided $640,000 of seed funding to Japan’s Moi Corp, which is developing video broadcasting platform TwitCasting.
TwitCasting enables users to stream live video and tweets from mobile devices.
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