Software-as-a-service (SaaS)-based video editing platform Toch.ai has rebranded itself as VideoVerse as it raised Series B funding of $46.8 million (around Rs 355.6 crore) led by A91 Partners, Alpha Wave Global and Flipkart Founder Binny Bansal.
The round also saw participation from Stride Ventures, Innoven Capital and Pacific Western Bank among others, the platform run by Multistream Technologies Pvt Ltd, said in a statement on Wednesday.
VideoVerse will be using the money to strengthen its India and global teams, build new products and expand its global market share.
“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,” said Vinayak Shrivastav Co-founder and Chief Executive Officer, VideoVerse.
“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. 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,” Shrivastav added.
The latest fundraise comes six months after the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast among others.
Since then, VideoVerse said its revenue has grown multifold and it has built tech and sales teams in the US and has set 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,” said 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 added.
VideoVerse said its platform has created machine learning algorithms and a video technology ecosystem that delivers video content in engaging and cost-efficient, easy to use formats.
The company has three platforms--Magnifi, Styck and Illusto.
Magnifi, is VideoVerse’s flagship product, the company said.
The artificial intelligence-powered platform provides real-time video highlight technology for sports, entertainment and news, the company said.
Styck on its part enables creators to live-stream simultaneously across multiple social media platforms.
Illusto, meanwhile, is a web-based studio editor, which works as an intuitive and powerful tool to help users create videos on the go, VideoVerse said.
“What we liked about VideoVerse was that it provided 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 upto 2-3x. The team was the other needle moving factor for us,” said Kanishk Tyagi, Investor from Alpha Wave Global.
In November, the company had launched a Rs 100 crore (around $13.5 million) startup fund to invest in video and audio tech startups globally.