Bangalore: Video editing software startup VideoVerse, formerly known as Toch AI, has raised $46.8 million in a funding round led by A91 Partners and Alpha Wave Global. Flipkart co-founder Binny Bansal also participated in the round, as did Stride Ventures, InnoVen Capital and Pacific Western Bank. Funding is a mix of equity and debt.
The company said it plans to use the funds to strengthen its teams in India and abroad while building new products to expand into more global markets.
Founded in 2016 by Vinayak Srivastava, Saket Dandotia and Alok Patil, VideoVerse provides an artificial intelligence (AI)-led platform to process and edit video content including live sporting events, television shows and much more.
The startup is currently building an advanced video editing ecosystem that aims to address a wide range of use cases in post-production for enterprises and individual creators.
Magnify, its AI-powered flagship product, delivers real-time video highlight technology for sports, entertainment and news. Its Styke platform helps creators to live-stream multiple social media platforms at once, while Illusto provides a web-based editing tool for creators.
VideoVerse currently has offices in the US, Europe, Israel and India and plans to expand to Singapore and the Middle East by the end of 2022.
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“We are thrilled to reveal our rebrand and a new round of significant funding as we move into 2022. The new name more accurately reflects our leadership position when enterprises and consumers think about video, which It is important for us to join hands with A91 Partners and Alpha Wave Global,” said Videoverse cofounder Srivastava.
In October 2021, the company raised funds from Moneta Ventures, Baring Private Equity India, Binny Bansal and Venturest, among others. Since then, it has been building out its sales and technical team in the US. It is also setting up a data science and machine learning team in Israel.
Kanishk Tyagi, Investor And increasing engagement by two to three times.” , Alpha Wave Global.
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