YesVideo Just Announced $5 Million in Funding Plus a New CEO and CTO

YesVideo, a business that digitizes your old VHS tapes and puts them online, just announced $5 million in funding fromMichael Chang and Andy Choi, founders of Greystripe, a mobile-ad network.

Besides the influx of money the two provided, the pair were so inspired by the company they jumped on board and have become the company's CEO and CTO, respectively.

We realized this is a massive and overlooked market opportunity that we couldnt resist jumping into," Chang said in a statement.

YesVideo's concept is fairly simple. The company allows people to drop off their old home videos at one of the 34,000 retail locations or ship them back from their home. YesVideo charges $20 for every two hours of footage.

Chang claims there are 1 billion to 1.5 billion such tapes out in the world, which would... [via Silicon Alley Insider]