With the unfathomable success of internet giants such as Google, Facebook and Amazon, just what is left to be discovered or created? It could seem the multi-billion dollar web-based companies are all accounted for, but smaller companies are keeping the web economy abuzz as they try to tap into the market. One startup that’s aiming to make an impact on the web market is Wibbitz, a company that focuses on re-packaging news to make it more mobile-friendly and better organized for news junkie consumers.
The organization’s mission is to create a new experience for mobile content. Wibbitz founders say they seek to change the way users take in valuable news information on mobile devices. Wibbitz takes textual news content and repackages it into informative, interesting video summaries that can be easily watched on mobile screens. The company is backed by Horizons Ventures, a private investment fund of Li Ka-Shing that looks for opportunities in the areas of artificial intelligence and advanced technologies. Horizons Ventures previously invested in Facebook and other web-based successes. Wibbitz’s management team is headed up by co-founders Zohar Dayan and Yotam Cohen. Dayan is the CEO of Wibbitz and developed the first prototype for his company. Cohen is the Vice President of Business Development of Wibbitz and has a background in business and the military.
The business challenge for Wibbitz is to attract followers and news junkies who want to consume a large volume of summarized news at a fast rate. The company’s founders say Wibbitz’s technology can automatically transform and scale news information into short video summaries from a variety of sources including articles and blog posts. According to the company website at Wibbitz, their technology is “blazing fast” due to the application of “smart natural language processing algorithms and machine learning capabilities to fully capture the essence of a story.” The company’s news product is then formatted into short videos through an automated process where related information is all tied-together with informative graphics and animation. Most Wibbitz news videos run for about 60-120 seconds.