By Evan DeSimone
Emerging online video editing service Showbox announced today that it has secured $8 million in new funding from investors that includes big media names such as IMAX chairman Brad Wechsler and Wix co-founder Giora Kaplan.
Founded in 2013 by Tomer Afek and Effi Atad, Showbox offers users a suite of online video editing services aimed at amateur video makers creating content for social platforms like YouTube. Its features include show templates, automatic footage and audio enhancements, background replacement without the need for a green screen, and access to free content provided by Getty Images and Reuters. The new funding will be used to expand and improve existing features.
Showbox is currently available only in a beta version and has not yet been released for wide use. It joins a market for online video editors that has become increasingly crowded, with options such as YouTube Editor, Magisto, WeVideo and Animoto.
Prior Showbox, Atad founded New Media Communications, a video tech company that sold to Harmonic Inc. for a reported $19 million.