SanDisk Ventures Invests in Magisto

SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced it is helping improve the mobile video storytelling experience by investing in Magisto, creator of the popular video editing app with more than 13 million users on iOS and Android platforms. While pervasive use of mobile devices is enabling the recording of billions of videos annually, most user-generated content is not very engaging. This is largely due to today's lengthy and manual video editing process. Magisto's mobile app solves this problem by enabling amateur videographers to create captivating professional quality movies in just a few clicks, converting average videos into memorable content.

"We believe user-friendly video editing solutions that can create captivating videos represents a major, yet mostly untapped, market opportunity," said Sumit Sadana, executive vice president and chief strategy officer at SanDisk. "With Magisto, video captured on a smartphone of a family's first ski trip can have professional-looking music and graphics automatically added in just a few clicks. This greatly enhances the video's value and viewability, which is why Magisto has become so popular with consumers worldwide. We see video continuing to be a growth driver for flash storage in mobile devices, and SanDisk is pleased to be able to play a role in Magisto's next-stage of growth and evolution."

"As the world's most recognized brand in professional photography, SanDisk's partnership with Magisto will further accelerate our growth trajectory," said Oren Boiman, CEO and co-founder, Magisto. "We look forward to leveraging SanDisk's tremendous expertise in mobile imaging, and we are very excited about having SanDisk as a strategic partner for our company."

Last updated: Apr 7, 2020 at 12:08 pm CDT