Cinemacraft receives funding from 500 Startups
Asian interactive media platform provider Cinemacraft has secured funding from US-based business incubator 500 Startups.
The Tokyo and Singapore-based firm has not disclosed the size of the capital commitment but 500 Startups usually provides early-stage companies with seed investment of $10,000-250,000.
This latest investment, together with earlier injections from Singapore-based Jungle Ventures and some other angel investors, brings the total investment in the company to $900,000. The company also received a two-year development grant from Infocomm Development Authority of Singapore.
Cinemacraft is a provider of consumer-focused content, community, commerce, and context-driven new media applications, via its proprietary interactive media platform. As the demand for smart phones and tablets grows, 500 Startups is optimistic about the mobile video consumption across Japan, US and Southeast Asia.
"Most videos today on mobile are delivered for passive viewing," said Dave McClure, founding partner of the fund. "Cinemacraft with its disruptive media delivery platform is poised to be a leader in interactive consumption of videos and a new breed of interactive video intensive apps."
Commenting on the latest investment, Sandeep Casi, founder of Cinemacraft, said the vote of confidence from 500 Startups would help the company streamline their products and strengthen the roll-out efforts in core markets of Japan, US, India and Indonesia. The investment will be used to deploy interactive video ad network and its first consumer video applications in the above countries.
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