NBA, Velocity Capital Invest in Social Analytics Firm Videocites
Social media analytics firm Videocites has closed a $10 million venture capital Series B round, which was led by Velocity Capital and includes an investment from NBA Equity.
Videocites is a nine-year old company built around visual searching that has evolved to include copyright protection, image and video fingerprinting and social media monitoring and analytics. In particular, the NBA has been utilizing Videocites to systematically track user-generated content to learn what generates fan interest on social media.
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“We’re excited to collaborate with Videocites to better understand how user-generated content resonates with our fans,” David Lee, head of NBA Equity, said in a press release Wednesday. “This partnership and our investment in Videocites reflect our commitment to continue to grow and embrace our fans across the ever-evolving global social media landscape.”
Velocity Capital Management is a VC firm led by David Abrams and Arne Rees that launched in September. NBA Equity, also an investor in the first VC round, was joined in the latest round by fellow Series A investor Infront Sports & Media AG, a Swiss sports media rights and sponsorship outfit owned by China’s Wanda Group.
Videocites said it will use the funding to expand its presence in the U.S. and Europe and hire additional salespeople. The valuation of the business through the VC round wasn’t disclosed.
“User habits across social media have a significant impact on shaping public perception of any organization,” Eyal Arad, Videocites CEO said in the release. “We are turning that ‘perception’ into quantifiable data.”
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