Rephrase Corp, which operates artificial intelligence (AI)-based media production platform Rephrase.ai, has raised $1.5 million (Rs 11 crore) in seed capital.
The round in the Bengaluru-based startup has been led by Lightspeed Ventures and AV8 Ventures, which is an early-stage Palo Alto and London-based investor.
Rephrase.ai was set up in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla. The startup was among the 10 that were part of the first batch of the TechStars India Accelerator programme.
The company says it operates on a software-as-a-service (SaaS) basis and uses its platform to simplify the creation of media, whether through features such as automating shooting processes and providing AI-based prediction through facial re-enactment technology.
It will use the capital raised in this seed round to scale up operations, as well as strengthen its commercial presence in the North American region. It will also use the funding to expand its engineering and research teams.
“Personalisation is a huge lever to unlock ROI [return on investment] especially in sales and marketing where a white-glove personalised experience really makes a difference in engagement and outcomes,” Lightspeed India partner Hemant Mohapatra said.
Malhotra said Rephrase.ai’s platform would help enterprises to create high-quality video content for their targeted initiatives. The company says it is already seeing strong demand from digital marketing agencies and business-to-business SaaS enterprises.
Rephrase.ai is among a handful of video and visual experiences-focussed AI-based startups that have raised cash from investors in recent months.
Last month, video analytics startup Wobot raised an undisclosed sum in pre-Series A funding from Sequoia Capital India. Its platform connects CCTV and other types of cameras, and helps monitor process compliance as well as detect and track anomalies in an organisation’s standard operating procedures (SOPs).
In May, business photography firm Spyne raised funding as part of a pre-Series A round that was led by AngelList, with participation from the Smile Group. The company said it would use the funding to enhance its AI-driven image-editing suite.
In April, video meta-tagging platform Toch raised $400,000 (about Rs 3 crore) from Inflection Point Ventures in a pre-Series A funding round.