VideoVerse, a video-editing SAAS platform formerly known as Toch.ai - announced that it has secured $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global and Binny Bansal, who is former co-founder of Flipkart and a current investor in the company. The capital raised will be used to strengthen its teams in India and internationally, enhance VideoVerse technology, build newer products and expand its global market share.
In October 2021, the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast among others. Since then, VideoVerse revenue has grown significantly while building out a strong U.S. Tech and Sales team as well as setting up a data science and machine learning team in Israel.
It is not just video that decrees content format today. The world has switched to consuming short-form videos that need to be refined, edited and finished beautifully. With VideoVerse services, this is no longer an expensive or time-consuming process. As a forerunner in video development, VideoVerse has created radical machine learning algorithms and a holistic video technology ecosystem that delivers dynamic video content in engaging and cost-efficient, easy to use formats. Magnifi, its AI-powered flagship product, provides real-time video highlight technology for sports, entertainment and news. Its Styck platform enables creators to live-stream simultaneously across multiple social media platforms with just a click of a button. VideoVerse’s Illusto, a web-based studio editor, works as an intuitive and powerful tool to help users create videos on the go.
VideoVerse CEO and Co-founder Vinayak Shrivastav
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. 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.
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. The company has a strong presence in Indian and global markets and is poised to become a significant market leader. We are delighted to partner with them and support their vision.
