BonAngels Venture Partners who specialise in technology startup investments along with state run program Tech Incubator Program for Startup (TIPS) have invested US$590k into Maverick the provider of cloud SNS video editing app Alive.
Last year, Maverick, an affiliate of KT, created an app called Alive that allows users to easily edit and share the video taken on smartphones. Through the use of a cloud rendering engine, Alive can compose high quality video and audio editing from a smartphone. Its most distinguishing feature the simple control interface that can quickly apply inbuilt filters and animations supplied on the app.
Alive has already gathered many recognition for its innovation including the best new app for July in the global app store. It has also recently exceeded 800 thousand downloads which rocketed the number of users up 80% from the previous month. The user demographics includes many english speaking countries including 200k of users located in North America.
Jang Byung Kyu a representative of BonAngels, said, “Maverick has applied for special patents in the USA and under PCT”. “This technology is also expected to add value in various animation service fields”.
Oh Joo Hyun the CEO of Maverick revealed, “There were issues related to picture quality degradation, smart instrument function and speed limitation when editing or composing video under smartphone surroundings so far. Our aim is to provide a popular tool that anyone can make a video, with ease and fun, without being limited to to OS or platform.”
He added, “There are various profit models being considered including partial charging for alive by selling high quality animation to the open market”.
Maverick had been chosen as the Top 20 startup in the Beglobal Seoul 2015 battle held last May. It is expected to open new revenue channels for digital marketing materials using video created by everyday people.