Movico in talks for $5 million

Soma Das
Posted: 2008-06-04 23:46:56+05:30 IST
Updated: Jun 04, 2008 at 2346 hrs IST

New Delhi, Jun 3: Movico Technologies, a nine-month-old domestic video software start up is in talks with domestic- and overseas-based financial investors to raise $5 million in six to eight months from now. On being asked, the director and co-founder of the company, VN Saroja, (incidentally also among the co-founders of the job portal Naukri.com) confirmed the same to FE. "We are already talking to VCs who have shown interest. We should be able to complete the process in six to eight months time."

The money raised will be invested across their three ventures, viz software development business, media process outsourcing venture, and aggregation website that will provide content owners a vehicle to exhibit and trade content.

"We have a software developers team, largely consisting of IIT engineers who are working at constantly upgrading 'MediaBaron', an integrated software platform for a tapeless, digital workflow for video producers. We also offer digitization, content-repurposing for mobile platform, creating digital libraries, etc for media houses." Movico had earlier this month announced a tie-up with Moving Picture Company to digitize, promote, and sell their archival footage through Movico's new aggregation website.