The tech world has been a little obsessed with Virtual and Augmented Reality, and for good reason, but in their excitement may be overlooking some practical considerations. Luckily, WheresMyMedia is way ahead of us. WheresMyMedia, the company that is creating tools for file transfers of AR/VR/360-degree video content, understands that it will not be as simple as transferring a a 10 second iPhone video and is therefore creating the easiest possible methods for this. The young company that was conceived on a boat is hoping to make a big splash in the tech waters.
Today we catch up with CEO William Steele about his featured product Velocifile and the inside scoop on another facet of AR/VR that you may have overlooked.
Tell us about the product or service.
Our flagship product is VelociFile, a media management tool for accelerating production and post production workflows including accelerated file transfers and proprietary tools for creating and distributing AR/VR/360-degree content.
How is it different?
We are one of the few media management platforms that have our own protocol for accelerated file transfers and tools for VR Video production and distribution. We are building easy to use yet powerful tools that allow mixing Augmented Reality with Virtual Reality content and we’re on the forefront of this most needed technology.
What market are you attacking and how big is it?
Our software is not only capable handling AR/VR and large files, but it does video transcoding and quality control, we are cloud hybrid, support any kind of unstructured metadata and have a full blown API. Although our initial target market is for production and post production as well as large file transfers, we can easily compete in the Media Asset Management space with companies such as Box, Dropbox, Dalet, Widen amongst many others. By merging many markets due to the huge versatility of our platform we can access a much larger Total Available Market easily exceeding a hundred billion dollars.
What is the business model?
As of now our business model is two fold. We offer professional services in the cloud and on site. Since some of our technologies do not exist in any other platform, specifically those for AR/VR/360 production and distribution, these services are provided as cloud based solutions. Additionally, we provide our platform as a rentable appliance that can be used on traditional production sites wherever the filming is taking place. This gives production companies a much needed needed start on their production cycles.
Offering a rentable appliance solves two main challenges in the production and post industries. Cloud only based solutions don’t easily support bandwidth intensive video workflows in the field while turn-key based production solutions are traditionally very cost prohibitive and don’t fit into traditional production budgeting. Our rentable hybrid cloud appliance allows production companies to easily budget our solution into their workflow and bill that cost back to their client while saving themselves valuable time and money in the process.
What inspired the business?
I have an extensive background in video and IT. When tasked to create a system for video approvals in 2005 for a major post house in NYC, I realized a market for video collaboration and media management tools which eventually lead to the founding of WheresMyMedia.
With production costs for video going down rapidly, is your platform able to scale effectively to handle the management of a high number of videos?
This is where we excel. Our software was built from the ground up to be cloud hybrid and tackle both cost and time inefficiencies in media production. We are targeting the need for lower cost immediate solutions that can actually make more money in the long term versus big budget solutions, which are only accessible to larger production firms.
What are the milestones that you plan to achieve within six months?
Get a key few clients to rent our mobile media management and workflow system for on site productions. We also talking to potential clients that need our tools for VR Production.
What is the one piece of startup advice that you never got?
If you have a long term vision and passion don’t change it just to get investment. The early stages of a company are important so find investors who share or at least believe in what you are trying to accomplish.
If you could be put in touch with anyone in the New York community who would it be and why?
Someone with passion for video technology who has successfully founded a successful media tech startup, gone through the fundraising process and been acquired.
Why did you launch in New York?
I built my career in NYC starting with my first internship out of high school in 1999 and NYC is one of the major hubs for video production.
What’s your favorite rooftop bar in NYC to unwind?
The Indigo Hotel Rooftop Bar. It’s reasonably priced and unpretentious.