Dan Nova joins the board of company developing a text-to-video communications platform.
May 23, 2011 -- (New York) -- VYou, the groundbreaking conversational video platform, is excited to announce today that they have closed a $3 million Series A financing round. The financing, led by RRE Ventures and Highland Capital Partners, will be used to advance the company’s rapid growth and technology expansion.
Additional investors participating in the round include High Peaks Venture Partners, Broadway Video Ventures, Kevin Wall, David Tisch, and Rick Webb. VYou is lead by its Founder and CEO, Steve Spurgat.
“VYou is very focused on the ‘social’ in social media,” Steve Spurgat says. “Our goal is to bring more intimacy to how people communicate on the web and that requires steady innovation. We couldn’t have asked for a better group of investors to help us evolve and introduce this technology to the rest of the world.”
VYou recently announced partnerships with MTV/VH1, Hearst Newspapers, Simon & Schuster, and the Newark Peace Summit, all of which are utilizing VYou to facilitate a more personal interaction with their audiences. Since launching in November 2010, VYou has served over 20 million video views.
VYou will continue to advance how people interact on the web, using text-to-video communications to make broadcast video feel like personalized conversations. The company plans to roll out a series of new features to improve how people build, discover and distribute video profiles.
“Even as the web has become social and participatory, few people create original video content. VYou is changing that,” said Adam Ludwin of RRE. “They’ve made it incredibly easy to engage an audience with video, the most compelling medium on the web.”
With Steve Spurgat as CEO, VYou has built a strong team of executives to lead the business forward. These include Karl Alomar, COO & President; Rex Sorgatz, CMO and Creative Director; Sergey Novgorodsky, co-founder and Head of Engineering; and Chuck Reina, a co-founder and Head of Product Design. Adam Ludwin of RRE Ventures and Dan Nova of Highland Capital will join as board members.
“The social web has revolutionized every form of media it has touched — photos, news, location — but not yet video,” said Dan Nova, General Partner at Highland. “A massive opportunity awaits the first company to build an actual social network around video, which is the most engaging medium of all. VYou is leading the charge and has shown strong traction to date. We are thrilled to partner with Steve and his team to help turn VYou into a company of great consequence.”