VideoVerse - a video-editing tech platform and formerly known as Toch.ai - said 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 Stride Ventures, Innoven Capital, and Pacific Western Bank. 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.
“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," said VideoVerse CEO and co-founder Vinayak Shrivastav. "I, along with my other co-founder Saket Dandotia and Alok Patil, 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.”
In October 2021, the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast. Since then, VideoVerse revenue has grown multifold while building out a strong US 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."
Mago said the company has a strong presence in Indian and global markets and is poised to become a significant market leader.
“What we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users - reducing time to edit by 95 per cent, reducing manpower costs by less than half and driving higher engagement upto 2-3x. The team was the other needle moving factor for us," said Kanishk Tyagi, Investor, from Alpha Wave Global.
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.
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.
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