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SundaySky raises $8m in Series A financing SundaySky raises $8m in Series A financing

07 Jan 2009. Source: AltAssets.
SundaySky, a digital video generation solution provider, has completed an $8m Series A round of funding led by Carmel Ventures and Globespan Capital Partners. Avi Zeevi, general partner of Carmel Ventures, and Jonathan Seelig, managing director of Globespan, have joined the company's board of directors.

Founded in 2006, SundaySky provides video for e-commerce, social networks, news and entertainment websites. SundaySky's platform enables websites to automatically convert their content into dynamic, continuously updated video clips.

This round of investment will allow the company to expand its marketing, sales and business development activities mainly in the US, while continuing to develop its product line, according to a statement.

Avi Zeevi of Carmel Ventures said, 'Video is becoming the most important and fast growing form of web media. We found SundaySky to have a unique combination of an outstanding founding team and a breakthrough technology which can change the way video content is created.'

Jonathan Seelig of Globespan added, 'When I first saw SundaySky's technology, I had the same feeling that I had when I was shown my first dynamically generated web page a full decade ago. At the time, I thought that dynamic web pages would revolutionise the web - and they did. SundaySky is in a position to do the same thing for web video content.'

Carmel has $600m under management and focuses on early stage companies in the fields of software, communications, internet, media, semiconductors and consumer electronics.

Globespan has $1bn under management and makes multi stage investments in IT and cleantech companies.

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