Reely uses AI to identify highlights and key moments during a game, simplifies the creation of highlight videos for the creators
Founded in 2016, VideoVerse is a video editing platform catering OTT, broadcasting, sports clubs and leagues, marketing agencies, e-gaming platforms, among others
Through this acquisition, VideoVerse seeks growth and wants to serve its customers better in the gaming and esports segment
Software-as-a-services (SaaS) based video editing platform VideoVerse has acquired the US-based, AI-enabled content generation startup Reely.ai. VideoVerse is backed by Baring Private Equity India, A91 Partners, Alpha Wave Global, and Moneta Ventures, along with some other angel investors.
Formerly known as Toch.ai, VideoVerse was founded by Vinayak Shrivastav, Saket Dandotia, and Alok Patil in 2016. The startup caters to across segment businesses including OTT, broadcasting, sports clubs and leagues, marketing agencies, e-gaming platforms, among others.
Through this acquisition, VideoVerse seeks growth and wants to serve its customers better in the gaming and esports segment. The transaction amount is undisclosed.
Last year, in April, VideoVerse raised Series B funding of $46.8 Mn from A91 Partners, Alpha Wave Global, and Binny Bansal.
VideoVerse plans to leverage Reely as it uses AI to identify highlights and key moments during a game, simplifies the creation of highlight videos for the creator across various social media channels.
Further, as per its website, Reely’s technologies help sports teams, content creators, and esports organisations to optimise content for the audience on social media with realtime effect. It further creates new workflows for content production, brand marketing, and monetisation.
Since launch, Reely raised a total of $1 Mn from the likes of Stadia Ventures and Sandy Khaund, general partner of Mindspring Capital and also founder of two more startups–Macrodemic and Credenza.
Commenting on the acquisition, Shrivastav said, “This acquisition is a strategic step towards expanding our offerings and delivering enhanced solutions to our customers in the gaming industry. We are confident that the Reely team’s expertise and technology will be instrumental in our continued innovation within the video creation and distribution landscape.”
Adding to it, Daniel Evans, CEO, Reely.ai said, “VideoVerse’s comprehensive expertise in short-form video creation and distribution, combined with the latest AI and ML technology, pairs perfectly with our real-time gaming solutions.” He added by saying through this acquisition, both companies will aim to bring innovation to the video content creation process.
As content takes over every industry in some way or the other, the content generation market is witnessing an upward tick in different ways.
Recently, meme marketing startup Wubba Lubba Dub Dub (WLDD) raised $1.25 Mn from Negen Capital, in a seed funding round. This follows several other investments and activities in the content-startup segment. While MemeChat launched The Meme Club in January 2022, film and digital studio startup Content Engineers raised $50 Mn during the same period.
A 2022 report by EY found that the media and entertainment sector is expected to grow at a CAGR of 11% to reach INR 2.32 Tn ($30.9 Bn) by 2024.
Hobo.Video, InShot, etc are some other similar platforms operating in the video content segment.