The platform was previously known as and its users include OTT players, broadcasters, sports clubs and leagues

Screenshot 2022-04-20 at 12.22.17

AI video editing service has rebranded to VideoVerse after securing US$46.8 million (£35.8 million) in funding.

VideoVerse offers three services - the AI-driven Magnifi, which provides real-time automated meta-tagging and video highlights for sports, entertainment and news; Stylk, which provides simultaneous live streaming across different social platforms; and Illusto, which is a full-scale cloud-based video editor.

It grew out of its initial offer of automating the creation of short-length video clips utilising computer vision and AI capabilities. Its customers include OTT players, broadcasters, sports clubs and leagues, marketing agencies, e-gaming platforms, schools and colleges.

The company has offices in the US, Europe, Israel and India and is expanding to Singapore and the Middle East by the end of this year.

The US$46.8 million Series B funding has been led by A91 Partners, Alpha Wave Global and investor Binny Bansal. Other investors include Innoven Capital, Pacific Western Bank and Stride Ventures. The investment 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 raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast, which helped it build a strong US tech and sales team and set up a data science and machine learning team in Israel.

VideoVerse CEO and co-founder Vinayak Shrivastav, said: “We are thrilled to reveal our rebrand and announce a new round of significant funding as we move forward in 2022. The new name more accurately reflects our leadership position as the go-to partner when enterprises and consumers think about video. 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, added: “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. Despite this massive growth, however, video is still a complex technology that involves large files and a lot of computing. 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. We are delighted to partner with them and support their vision.”

Kanishk Tyagi, investor from Alpha Wave Global, said: “VideoVerse provides 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. This made it a perfect brand to partner with.”