The startup said that it will use the funding to expand its global footprint and drive innovation in the space of media technology
As part of the deal, Bluestone founder and managing partner, Bobby Sharma, will join VideoVerse’s board of directors
Founded in 2016 as Toch.ai, VideoVerse offers a full-stack cloud-based real time video editing platform that caters to OTT companies, broadcasters, marketing agencies, among others
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Bluestone Equity Partners has acquired a minority stake in AI-powered video editing platform VideoVerse. While the company did not disclose numbers, sources told Inc42 that the private equity (PE) firm has invested $45 Mn in the platform.
In a statement, the startup said that it will use the funding to expand its global footprint and drive innovation in the space of media technology.
As part of the deal, Bluestone founder and managing partner, Bobby Sharma, will join VideoVerse’s board of directors and help scale the startup’s global ambitions.
“Our partnership with Bluestone marks an exciting phase as we forge ahead with global expansion, and driving innovation in the realm of media technology by unlocking the boundless potential of AI,” said VideoVerse cofounder and chief executive officer (CEO) Vinayak Shrivastav.
Commenting on the announcement, Bluestone’s Sharma said, “The demand for intelligent software automation of short-form content and highlights is growing exponentially… We’re excited to help VideoVerse take the next step on its journey to revolutionise the curation and monetisation of next generation video and media.”
This marks Bluestone’s third investment in a startup from its $300 Mn fund closed earlier this year.
The partnership will enable VideoVerse to leverage Bluestone’s operational experience and global network in areas such as sports, media and entertainment to further fuel the platform. In addition, it will also explore synergies with the PE firm’s capabilities and financial expertise with growth stage companies to ramp up operations.
Founded in 2016 as Toch.ai by Shrivastav, Saket Dandotia, and Alok Patil, the startup rebranded itself as VideoVerse in early 2022.
At the outset, it leveraged computer vision and AI to generate instant key moments and short-size clips for its clients. Today, it offers a full-stack cloud-based real time video editing platform that caters to OTT companies, broadcasters, sports clubs and leagues, marketing agencies, e-gaming platforms, among others.
The startup last raised a funding of $46.8 Mn from A91 Partners, Alpha Wave Global, and Flipkart cofounder Binny Bansal last year. Videoverse caters to a wide gamut of clients including names such as UEFA Champions League, Wimbledon, NCAA Basketball, Indian Premier League (IPL), among others.
The new fundraise comes amid a spree of acquisitions by Videoverse in the recent past. In October, the SaaS startup acquired AI-powered graphic design platform Optikka for an undisclosed amount. Prior to that in April this year, the video editing startup also acquired US-based content generation startup Reely.ai in an undisclosed transaction.
The development comes amid growing interest in homegrown SaaS-based video startups as the GenAI wave takes the world by storm. In November, tech giant Adobe acquired Bengaluru-based AI-powered video creation platform Rephrase.ai for an undisclosed amount, its first investment in the country.
In February, video-based SaaS platform Hippo Video secured $8 Mn as part of a strategic funding round led by VC firm Dallas Venture Capital.
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