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September 20, 2011 03:29 pm GMT

Magisto Debuts Automatic Video Editing Tool, Raises $5.5M From Li Ka-shing, Others

magistoMagisto, which offers a cloud-based video editing service, is launching its tool in public beta today, in an effort to "make your videos worth sharing". The company is also announcing that it has raised a $5.5 million Series B Round led by Hong Kong billionaire Li Ka-shings private investment arm, Horizons Ventures, with earlier backer Magma Venture Partners participating.Magisto is an intriguing product. It basically takes unedited video footage and automatically - as in, without the help of actual people - turns it into short movies that are more fit for sharing with others.

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