Plans to utilize the capital include strengthening the team, technology and global footprint while creating a conglomerate of AI-based next-generation video editing products
NEW YORK–(BUSINESS WIRE)–VideoVerse – a video-editing SAAS platform formerly known as Toch.ai – announced today that it has secured $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global and Binny Bansal, who is former co-founder of Flipkart and a current investor in the company. Other investors include Innoven Capital, Pacific Western Bank and Stride Ventures amongst others. The capital raised will be used to strengthen its teams in India and internationally, enhance VideoVerse technology, build newer products and expand its global market share.
“We are thrilled to reveal our rebrand and announce a new round of significant funding as we move forward in 2022,” says VideoVerse CEO and Co-founder Vinayak Shrivastav. “The new name more accurately reflects our leadership position as the go-to partner when enterprises and consumers think about video, which is critical as we join hands with A91 Partners and Alpha Wave Global. 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. VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry.”
In October 2021, the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast among others. Since then, VideoVerse revenue has grown significantly while building out a strong U.S. Tech and Sales team as well as setting up a data science and machine learning team in Israel.
“Video creation and consumption will continue to see explosive growth, whether it is the latest binge-worthy web series, corporate branding video, sports content or short social video,” says Gautam Mago, General Partner at A91 Partners. “Despite this massive growth, however, video is still a complex technology that involves large files and a lot of computing. VideoVerse is revolutionizing 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. We are delighted to partner with them and support their vision.”
It is not just video that decrees content format today. The world has switched to consuming short-form videos that need to be refined, edited and finished beautifully. With VideoVerse services, this is no longer an expensive or time-consuming process. As a forerunner in video development, VideoVerse has created radical machine learning algorithms and a holistic video technology ecosystem that delivers dynamic video content in engaging and cost-efficient, easy to use formats. Magnifi, its AI-powered flagship product, provides real-time video highlight technology for sports, entertainment and news. Its Styck platform enables creators to live-stream simultaneously across multiple social media platforms with just a click of a button. VideoVerse’s Illusto, a web-based studio editor, works as an intuitive and powerful tool to help users create videos on the go.
“VideoVerse provides a clear quantifiable value proposition to its users – reducing time to edit by 95%, reducing manpower costs by less than half and driving higher engagement up to 2-3x. This made it a perfect brand to partner with,” says Kanishk Tyagi, Investor, from Alpha Wave Global. “The team was the other needle moving factor for us. Vinayak and his team have a very customer centric approach along with the great execution ability and we are happy to be partnering with him for their next chapter.”
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. VideoVerse is building the next-generation video editing ecosystem addressing a broad range of use cases in the post-production process. The company started its journey on generating instant key moments and auto short-sized clips leveraging computer vision and AI capabilities, the sliver in which it is the current tech leader. VideoVerse today has offices in the U.S., Europe, Israel and India and is expanding to Singapore and the Middle East by the end of this year.