[Funding alert] Rephrase.ai raises $10.6 mn in Series A funding

Rephrase.ai, an AI firm based in Bengaluru that deals with synthetic media, has raised $10.6 million in a Series A round of funding that was primarily driven by Red Ventures.

Along with 8VC and other investors, Silver Lake, the world leader in technology investing, and an investor in Red Ventures also took part in the round.

With the funds raised, the company will be able to improve its capabilities by merging product experiences, ramping up hiring across the board, including for the engineering, AI, product, sales, and marketing teams, as well as growing its footprint in North America.

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"We started Rephrase.ai four years ago with the goal of building an engine that can make creating professional quality videos as easy as writing text. In the last year, we've developed hundreds of digital human clones, creating millions of videos during the process. I'm thrilled to welcome Red Ventures, Silver Lake, and 8VC as partners on this journey to help expedite the world's adoption of generative AI videos. Given their operational and investing experience, we could not have imagined a better set of people to help us bring this vision to life," Ashray Malhotra, CEO and co-founder, Rephrase.ai, said.

Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, Rephrase.ai's deep tech generative AI technology creates professional quality video creatives for business communications.

"With the current mass customization of video content, our big bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential. We are impressed Rephrase.ai'sdership and talent bench, which is a tremendous competitive advantage in such a nascent field." Carlos Angrisano, president at Red Ventures, said.

To provide high-quality video creation skills, the company has collaborated with more than 50 international businesses, including Castrol, Mondelez, and Xiaomi, to mention a few. According to the company's statement, its mission is to democratise video by providing high-quality video creation tools to businesses of all sizes and in all sectors.

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About Rephrase.ai

Rephrase.ai create digital avatars & hyper-personalized videos for businesses across the world. Driving customer journey with cutting-edge AI.