AI-driven video-processing startup Toch.ai has launched an INR 100 Cr startup fund to invest in audio and video technology startups across the world. Toch.ai will also provide advisory and networking opportunities to promising startups along with the capital infusion.
Founded in 2016 by Vinayak Shrivastav, Saket Dandotia and Alok Patil, Mumbai-based Toch.ai’s platform uses AI to meta-tag images, video and text, and understand the context and key moments in videos.
Businesses can use the platform to auto-create and share short-form video content from existing live feeds, live or recorded. For example, a football broadcaster can use Toch.ai’s platform to identify the moment a player scores, edit the video, tag it with information and get it ready for distribution across various channels.
Last month, Toch.ai had raised $11.75 Mn in Series A funding. Moneta Ventures, Baring Private Equity India, Binny Bansal, Ventureast, 9 Unicorns, Anthill Ventures, Cathexis Ventures, SOSV, Artesian and Innoven Capital participated in the round.
Speaking at the launch of the startup fund, Vinayak Shrivastav, cofounder and CEO Toch.ai said, “The video-tech industry has seen record-breaking growth in the last few years, and we are confident that this is just the beginning. With proper support and encouragement for the talent and innovation in the country, we want to be the vehicle of growth and expansion of the video tech industry in India & globally. We believe we have a collective responsibility to grow this industry with cutting edge and new-age solutions to address the evolving needs and changing demands of the end customers”.
In 2020, the Indian digital media industry was worth $3.16 Bn, according to an IBEF report. This is projected to grow to $5.72 Bn in 2023 at a CAGR of 22%. In FY20, this segment had posted a growth of 26%. Curated short video platforms are expected to account for 25% of all online video viewing time by 2023.
“We have decided to put aside substantial capital over a period of time to bring some of the most disruptive technologies and solutions to the forefront. We believe this to be an investment in the future of video-tech that is sure to give positive results and transform the industry as we know it,” said Ritesh Mehta, head of finance at Toch.ai, commenting on the operational aspect of the fund.
With the fund’s launch, Toch.ai will be looking to expand its audio-video technology offering by investing and acquiring startups that bring disruptive video processing and delivery technology to the table.