Video editing software-as-a-service (SaaS) platform VideoVerse, earlier Toch.ai, announced on April 20 that it raised $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global and existing investor Flipkart co-founder Binny Bansal.
Investors such as Innoven Capital, Pacific Western Bank and Stride Ventures also participated in the round. With this, VideoVerse has raised a total of around $60 million, including $11.75 million from Moneta Ventures, Baring Private Equity India, Bansal and Ventureast in October 2021.
"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. VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry" co-founder Vinayak Shrivastav said.
The company plans to use the funds to strengthen its teams in India and International markets, improve its technology, build new products and expand its global market share.
Started in 2016 by Shrivastav, Saket Dandotia and Alok Patil, VideoVerse offers an artificial intelligence(AI)-based video-editing suite for individual content creators and enterprises across industries, including video streaming players, broadcasters, sports clubs and leagues, marketing agencies, online gaming platforms, schools and colleges.
The startup's flagship product is Magnifi, an enterprise solution that provides real-time video highlight technology for sports, entertainment and news, enabling firms to create social-ready bite-sized content at speed and scale.
The company's Styck platform enables creators to live-stream simultaneously across multiple social media platforms with a single click, while Illusto provides a web-based editing tool to help users create videos on the go.
"VideoVerse is revolutionising expensive and time-consuming legacy processes by driving video editing to the cloud age. The company has a strong presence in Indian and global markets and is poised to become a significant market leader," said Gautam Mago, General Partner at A91 Partners.
VideoVerse provides a clear quantifiable value proposition to its users—reducing time to edit by 95 percent, reducing manpower costs to less than half and drive higher engagement, making it a perfect brand to partner with, said Kanishk Tyagi, Investor, from Alpha Wave Global