Video-editing SaaS startup VideoVerse has raised $46.8 million in its Series B funding round from A91 Partners, Alpha Wave Global, and Binny Bansal, former co-founder of Flipkart.
The round also saw participation from Stride Ventures, Innoven Capital, and Pacific Western Bank, among others.
The startup plans to use the funds to strengthen its teams, enhance its technology, build new products and expand its global market share in India and internationally.
Mumbai-based VideoVerse (formerly known as Toch.ai) was founded in 2016 by Vinayak Shrivastav, Saket Dandotia, and Alok Patil, It uses artificial intelligence technology to automatically and instantly process video content, including live sporting events, television shows or library-based content.
It has created radical machine learning algorithms and a holistic video technology ecosystem that delivers dynamic video content in attractive and cost-effective, easy-to-use formats.
“As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands. We believe that VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry and we are excited to see how we can evolve and get better as we grow bigger”, said, Vinayak Shrivastav, Co-founder and CEO, VideoVerse.
Magnifi, the startup’s AI-powered flagship product, provides real-time video highlight technology for sports, entertainment and news. Its Styck platform enables creators to live-stream on multiple social media platforms at once.
The startup’s web-based studio editor – Videoverse’sIllusto works as an intuitive tool to help users create videos on Go.Leader.
“Video is still a complex technology that involves large files and a lot of computing. VideoVerse is revolutionising expensive and time-consuming legacy processes by driving video editing to the cloud age. The company has a strong presence in Indian and global markets and is poised to become a significant market leader”, said, Gautam Mago, General Partner at A91 Partners.
Today the company has offices in the US, Europe, Israel, & India, and is expanding to Singapore and the Middle East by the end of this fiscal year.
Last year in October, VideoVerse had raised $11.75 million in Series A funding round from Moneta Ventures, Baring Private Equity India and Binny Bansal among others.
VideoVerse – previously known as Toch.ai – has found an extremely strong product-market fit in serving enterprises across numerous industries – OTT players, broadcasters, sports clubs and leagues, marketing agencies, e-gaming platforms, schools, colleges and more. Magnifi is the flagship enterprise solution offered by VideoVerse.
Magnifi endeavors to connect fans with real-time, relevant, and customized video content and make content discoverability easier. To this end, their proprietary AI models extract highlights and key moments from enterprise video content to auto-produce social-ready clips. The technology renders itself seamlessly to sports, news and entertainment videos.