Los Angeles based technology startup Vyng, has raised an angel funding round led by Sandeep Soni from the Indian Angel Network (IAN). The company plans to use the investment to bring additional focus to the Indian market.
The investment by IAN was part of a USD 3 million-dollar round, Vyng raised in 2017.
The Vyng app re-kindles human connection by allowing users to place personalised videos of friends, families, and loved ones on the smartphone's lock screen, bringing back those long-forgotten memories and funny moments spent, on each call, every day.
"In today's conveyor belt of identikit smartphones, where there is little scope for innovation, it is interesting and awe-inspiring, to see how something as simple as a phone's lock screen can be transformed into something as disruptive as done by Vyng. It is noteworthy to mention that in a country like India where, user generated content is growing by 30 percent week over week, Vyng is adding over 20 percent users week by week. Clearly, there's immense scope for brands to target consumer's lock screen for content marketing," said lead investor, Indian Angel Network, Sandeep Soni.
"We are incredibly privileged to be invested in by such an amazing set of investors like IAN. We believe that their experience and in-depth knowledge would provide a significant boost to our quest to build, introduce and further expand our innovative offerings not only in the Indian market but also worldwide," said co-founder and CEO, Vyng, Paul Kats.
"There are over eight billion phones calls on smartphones and 22 billion SMS notifications every single day. Vyng can fundamentally improve those experiences and bring value to the user at the very first touch point," Kats added.
Backed by March Capital, a Google Ventures partner, and advised by the founders of Giphy and GroupMe, the company plans to raise additional capital from strategic institutional investors in India.
Since its official launch in early 2017, Vyng boasts of around 500 million videos played across 170 countries. (ANI)