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Reuters PE Hub: Action camera maker REVL raises $2 mln in seed from Bill Tai, others


February 25, 2016 by Alastair Goldfisher

San Francisco-based REVL, maker of a camera to take action and adventure shots, announced it has raised $2 million in seed-stage funding. Venture capitalist and outdoor enthusiast Bill Tai led the round, which included Y Combinator, Frog Ventures and individuals James Lindenbaum and Lars Rasmussen, among others. The company says the funding is advance of its plans to roll out its first product, the REVL action camera, to the general public via a crowdfunding campaign in spring 2016. REVL, which was founded last year, also announced was accepted into Y Combinator’s Winter 2016 batch.

PRESS RELEASE

REVL ANNOUNCES A $2 MILLION SEED ROUND TO ENGINEER THE WORLD’S SMARTEST ACTION CAMERA

With Frog Ventures and Y Combinator-backing, REVL will soon launch an advanced action camera designed for travel and adventure enthusiasts

San Francisco, CA — FEBRUARY 25, 2016 — REVL, the startup launching the world’s smartest action camera announced today it has closed $2 million in seed funding in a round led by venture capitalist Bill Tai with participation from investors including: Y Combinator, James Lindenbaum, Lars Rasmussen, Frog Ventures, and others. The round precedes plans to introduce REVL’s first product, the REVL action camera, to the general public via a crowdfunding campaign in spring 2016. In addition, REVL has been accepted into Y Combinator’s Winter 2016 batch, the world’s most prestigious tech incubator.

The capital raised will be used to accelerate production of the REVL camera, an action camera designed for fully stabilized instant capture and share, with intelligent features to be announced this spring. Additional allocation will be put toward developing new backend capacity via the REVL iOS app and finance growth initiatives.

REVL’s founding team is comprised of leading engineers and industrial designers hailing from backgrounds at Sikorsky Aircraft and NASA connected by the shared passion of kiteboarding. Acutely aware of the need for truly stabilized video when shooting their own adventures, the team aims to develop an action camera that keeps its view level with the horizon at all times. In furthering REVL’s commitment to dedicated action enthusiasts and to ignite community interest, REVL hopes to gain valuable insight when they launch the crowdfunding campaign this spring.

“We are excited to have the support of experienced investors – each industry pioneers that are investing in creating the next generation of sharable video” saysEric Sanchez, founder and CEO of REVL. “This investment will enable our team to finalize product development and bring the world’s smartest action camera to the market.

REVL’s partner portfolio includes Sony, Ambarella and Frog Design which grants REVL access to an unprecedented array of stabilization technology, including access to cutting edge sensors and chips unmatched in the saturated market.

“I’ve seen a number of companies aiming to innovate in the action camera space, but REVL is focusing on what matters most to budding adventurers. I can’t decide if I’m more excited to invest in it or use it myself for ski trips. The camera and spec scope is incredible, and I’m confident that this is the right team to bring it to life,” said Y Combinator Partner and Twitch.tv co-founder, Justin Kan.

Original article on Reuters PE Hub