Viddy, a sort of Instagram for video, has just revealed that it’s going for $30 million in venture capitol during its series B funding, with a valuation of $370 million – while likely banking on its 10 million users. This comes directly after similar video-sharing platform and likely soon-to-be direct competitor Socialcam reportedly added 4 million new subscribers over last weekend. With Instagram recently being acquired by Facebook in a quick $1 billion transaction, developers are scrambling to optimize a sort of video version of the cash cow, as mobile networks advance to better host tricky moving-picture content.

Viddy was able to raise a $6 million Series A in February, and is likely banking on some of the Instagram intrigue, or better, the investor ethos possibly generated by countless mentions of one billion dollars that have been flying around the industry as of late. It was recently reported that Viddy was the top app for iPhone for a time, beating out Instagram itself and OMGPOP’s ‘Draw Something.’

Here is a video review of the Viddy platform:

Viddy was launched last April, and allows users to shoot 15-second videos on their devices, edit the clips and then share them.