WHARTON WORLD NEWS: TRAVELERS, STARTUP FUNDING & MORE
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Here's the latest Wharton Club of DC member news, from our roving reporters, with the latest BREAKING NEWS from Bernie Fisken, WG, CPA:
Bernie Fisken and Kate Fisken taken before the start of the Grand Parade of Athletes at the Cleveland Quicken Arena in Cleveland Ohio in conjunction with the National Senior Olympics (NSO). The Quicken Arena is the playing venue for the Cleveland Cavaliers Professional Basketball Team.
Kate and I were the flag bearers for the entire State of Maryland NSO Team,
Kate competed in 5 swimming events, while my athletic activity was dedicated to being the co-holder of the Maryland flag.
SECOND ITEM OF BREAKING NEWS, from David Adelman, WG12, ReelGenie Founder & CEO:
ReelGenie, an Innovative Online Video Service, Lands $850,000 in Seed Round
SILVER SPRING, MD, July 29, 2013 — ReelGenie, a new online service that creates high-quality videos from a customer’s photos and digital media, announced today that it secured a round of seed funding totaling $850,000. Investors, primarily from the Washington, DC area, include CNF Investments, the Maryland Venture Fund, faculty members from the Wharton School, and angel investors.
ReelGenie’s video service enables people to quickly and easily create videos about vacations, weddings, and other meaningful life events by combining a variety of multimedia content — including photos, video clips, narration, music, and text — into dynamic films. Users can select a quickly generated automatic video, or take advantage of editing features to develop a customized video. The video can be easily shared online, downloaded, or purchased as a DVD.
Several partners have agreed to offer ReelGenie to their users. The easily integrated tool provides online businesses with a new revenue stream and an innovative way to boost customer engagement and retention.
“More than ever, consumers are telling their life stories through photos, videos, and narratives,” said David Adelman, ReelGenie’s founder and CEO. “ReelGenie empowers them to organize this wealth of data and publish it in a compelling way. Our technology makes it easy to create a video with the same quality as a professionally produced movie. We’re encouraged by the overwhelming interest in ReelGenie from users, partners, and investors.”
“Entrepreneurs and startups like ReelGenie place Maryland at the forefront of innovation and discovery as they create the technologies, companies and jobs of the future,” said Maryland Governor Martin O’Malley. “Congratulations to ReelGenie on all the team has already achieved. We are pleased to make this investment and look forward to the company’s future growth and success in our State.”
“We think the market for easily creating high-quality videos is massive, and only going to expand as the technology improves,” said Cal Simmons, the round’s lead investor. “Birthdays, weddings, vacations, retirements — there are countless occasions when people want to create and share memories. But it is hard to do it well. ReelGenie’s state-of-the-art tools put that capability in the hands of everyone, not just the tech-savvy. We are excited to lead the way in bringing this new technology to market.”
The company, headquartered in the Silver Spring Innovation Center (SSIC), has been in closed testing since it was invited to the SXSW Accelerator in March 2013. This round of funding will be used to fine-tune the product prior to release in early fall and to finance business development and marketing efforts.
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