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VideoVerse Raises $ 46.8 Million in Funding Round

CIO Insider Team | Thursday, 21 April, 2022
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Video editing software startup VideoVerse (Toch AI) has raised $46.8 million in a funding round led by A91 Partners and Alpha Wave Global.

According to reports, Flipkart cofounder Binny Bansal participated in the round, as did Stride Ventures, Innoven Capital and Pacific Western Bank, among others. The funding is a mix of equity and debt.

The company is planning to use the funds to strengthen its teams in India and abroad, while building new products to expand to more global markets, as per reports.

Founded in 2016 by Vinayak Shrivastav, Saket Dandotia and Alok Patil, VideoVerse provides an artificial intelligence (AI)-led platform to route and edit video content including live sporting events, television shows and more.

The startup is currently structuring an advanced video editing ecosystem aimed at addressing a broad range of use cases in post-production for enterprises and individual creators.

Shrivastav says, “we are thrilled to reveal our rebrand and a new round of significant funding as we move forward in 2022. 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.”

what we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users reducing time to edit by 95 percent, reducing manpower costs by half, and driving up to two to three times higher engagement

Last year, the company raised funds from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast, among others. Since then, it has been building its sales and tech team in the US. It is also setting up a data science and machine learning team in Israel.

Kanishk Tyagi, investor, Alpha Wave Global says, “what we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users reducing time to edit by 95 percent, reducing manpower costs by half, and driving up to two to three times higher engagement.”

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