BitMovio Secures Pre-Seed Funding, Launches Closed Beta of Blockchain-Enabled Platform

Sep 18, 2018

BitMovio announced the close of a $600,000 pre-seed round of equity funding with participation from Silicon Valley-based IMO Ventures, Basis Set Ventures, and BlockCentury, and Boston-based NorthBay Solutions, the Play Labs Fund, and Seraph Investments.
With a hybrid blockchain architecture and support of both fiat currency and crypto tokens, BitMovio creates a transparent marketplace enabling independent film producers and professional streamers to have complete control of their content distribution, flexible and instant monetization, and engaging audience interaction. The marketplace will initially focus on gaming, events, sci-fi, fantasy, horror, and thriller-themed content for millennials and Gen Z audiences.
BitMovio was co-founded in early 2018 by Simon Zhu and Riz Virk during the MIT Play Labs summer accelerator program. Its advisory board includes technology and entertainment industry leaders: Bill Guttentag, two-time Oscar winner and lecturer at the Stanford Graduate School of Business, Namrata Ganatra, Senior Director of Engineering Payments at Coinbase, Jerry Kowal, former Head of Content Strategy at Amazon Video and Netflix, and Sheau Ng, former Head of Technology, R&D and IP at NBC Universal. Zhu was previously an Executive Director at Vobile (HKEX: 3738), a technology Emmy winning company serving many top Hollywood Studios. Virk, in addition to running the Play Labs accelerator at MIT, was a founding member of Theta Labs, Inc., a leading crypto currency-based blockchain for decentralized video.
BitMovio provides a decentralized video streaming marketplace that leverages blockchain’s built-in incentives for peer-to-peer bandwidth sharing that drastically reduces streaming costs and enhances the viewer experience at the edge of the network. The marketplace also offers smart contracts that simplify the complex and often onerous supply chain of content rights management and distribution with built-in consensus mechanisms that enable autonomous execution of agreements for content creators. Its distributed ledger technology enables instant and transparent reporting and royalty payout, giving each participant equal opportunity in the value chain. In its initial release, BitMovio will support Bitcoin, Ethereum, and Theta tokens.

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