Bengaluru-based artificial intelligence (AI) startup Rephrase.ai has raised $10.6 million in a Series A funding round led by Red Ventures, along with the participation from Silver Lake, 8VC, and others. Previously, the startup had raised $1.5 million in a seed round from Lightspeed and AV8 Ventures.
According to the company’s statement, the raised capital will be used to enhance its capabilities by integrating product experiences, hiring talent across engineering, AI, product, sales, and marketing teams, and expanding its presence in North America.
Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, Rephrase.ai aims to democratize video, making high-quality video creation capabilities available to enterprises of all sizes across all industries.
“We started Rephrase.ai four years ago with the goal of building an engine that can create professional quality videos. In the last year, we’ve developed hundreds of digital human clones, creating millions of videos during the process. I’m thrilled to welcome Red Ventures, Silver Lake, and 8VC as partners on this journey to help expedite the world’s adoption of generative AI videos,” said Ashray Malhotra.
The startup said it uses deep learning to create digital avatars of actual humans that can be used for synthetic video content with only text as input.
“Given how people consume information today, scalable solutions to deliver personalised video are needed now more than ever. With the current mass customisation of video content, our big bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential,” said Carlos Angrisano, President at Red Ventures.
“I believe a large opportunity is rephrase.ai’s ability to provide an easy-to-use API for anyone to create videos without high labor and time requirements. Their vision has the potential to be an inflection point in the video generation process,” said Venkatesh Seetharam, Advisor at 8VC.
Source @Indianstartupnews
