Video editing and content creation software maker InVideo has raised $15 Mn in a Series A funding round led by Sequoia Capital India. The round also saw participation from Tiger Global, Hummingbird, RTP Global and Base.
The company plans to use the fresh capital to leverage its technological solutions and help more individuals and businesses create unique videos. The funding will help accelerate product development and build out InVideo’s cross-device video creation suite, InVideo said in a press statement.
Founded in 2019 by Sanket Shah, Harsh Vakharia and Pankit Chheda, InVideo launched its web-based video editor in 2019 that allows users to create videos from scratch, convert existing pieces of static content into videos and even add automated voice overs in native languages.
Sanket Shah, CEO and cofounder of InVideo said, “Making professional-quality videos is hard. InVideo is set to change that. We have a single goal: to replace the current crop of cumbersome and expensive video editing software with an intelligent, yet flexible platform. InVideo cuts the time to create a professional quality video by over 90% and allows the creator to focus on impact and message. InVideo’s vibrant creator community from across the globe is a testimony to the capabilities of our platform.”
Besides this funding, InVideo had earlier raised $2.5 Mn in a round led by Sequoia Capital India’s early-stage accelerator programme Surge.
It has over 80K users across 150 countries, who have created videos in over 75 languages. The platform operates in a freemium model with paid plans starting at $10 per month and $30 per month for unlimited access. InVideo claims to have P&G, Dropbox, Reuters and ATT as users.
Its competitors include Filmora, Adobe Premiere Pro, Animoto, iMovie, Adobe, Spark, Camtasia and Final Cut Pro X.
Earlier, InVideo has also announced the launch of its new AI-powered video editing platform that suggests improvements in real-time. Simply put, the AI-powered video editing platform comes with an autocorrect feature for videos in production.