Silver Lake, 8VC and other investors also have participated in the funding round
Rephrase.ai will use the fresh capital to improve capabilities by amalgamating product experiences, hiring across verticals such as engineering, AI, product, sales, and marketing
Including the current fundraising, Rephrase.ai has secured $12.1 Mn funding to date
AI startup Rephrase.ai has raised $10.6 Mn in its Series A financing round led by Red Ventures.
Silver Lake, 8VC and other investors also have participated in the funding round.
Rephrase.ai will use the fresh capital to improve capabilities by amalgamating product experiences, hiring across verticals such as engineering, AI, product, sales, and marketing. The startup will also deploy funds to expand its presence in North America.
Including the current fundraising, Rephrase.ai has secured $12.1 Mn funding to date.
“With the current mass customization 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. We are impressed by Rephrase.ai’s leadership and talent bench, which is a tremendous competitive advantage in such a nascent field,” said Carlos Angrisano, president at Red Ventures.
Founded in 2019 by IIT graduates–Ashray Malhotra, Nisheeth Lahoti and Shivam Mangla,Rephrase.ai is a deeptech startup that uses artificial intelligence to develop videos. It essentially creates a digital clone of a human being that can later be used in videos.
Rephrase.ai said that its AI platform facilitates companies in building synthetic videos of real humans to communicate with customers and employees. The startup uses deep learning to build digital clones of humans for creating synthetic videos with only text as input.
Rephrase.ai claims to have worked with over 50 enterprises, including Castrol, Mondelez, and Xiaomi, among others. It asserts that it has developed digital clones of various CXOs including Gautam Singhania, Ajoy Chawla, and Nimesh Shah, and celebrities including Shah Rukh Khan, Ranveer Singh, Hritik Roshan, Virat Kohli, Saurav Ganguly, KL Rahul, among others.
Rephrase.ai said that it facilitates businesses to grow customer engagement and communication efficiencies by improving their conversion rate, click-through rates, and content consumption as well as adoption. In addition, the startup claims to help companies reduce their customer acquisition costs.
In 2020, Rephrase.ai secured $1.5 Mn seed funding from Lightspeed Ventures and AV8 Ventures.
It has to be noted that in the Indian AI space, Rephrase.ai does not face any competition as we don’t have any homegrown player with similar AI solution offerings. However, in the global AI sector, it faces competition from the likes of Israel-based Hour One.
As per a report, the global AI industry is likely to become a $1,811.8 Bn market by 2030, expanding at a CAGR of 38.1% by 2030.
