[Funding alert] AI-driven SaaS startup Toch.ai raises close to $12M in Series A round
Toch.ai, an AI-driven SaaS platform, on Wednesday, announced it has raised $11.75 million of funding in a Series A round.
The round was led by Moneta Ventures, Baring Private Equity India, Binny Bansal, Ventureast, 9Unicorns, Anthill Ventures, Cathexis Ventures, SOSV, Artesian, and Innoven Capital (backed by Temasek and United overseas bank).
The startup plans to use the funding to scale up its technology infrastructure and venture expansion into global markets with a specific focus on foreign markets.
Arul Mehra, Partner at Baring Private Equity India, stated,
“We believe that AI can make a lot of difference to how content is generated and consumed. Toch.ai is equipped with top notch technology and team which is greatly contributing to the revolution seen in the video sector. Thus, we see this as a huge opportunity to be a part of this change as we partner with Vinayak and the team as they chart out the journey towards becoming leaders in the video-tech space.”
Founded in 2016 by Vinayak Shrivastav, Saket Dandotia, and Alok Patil,uses artificial intelligence technology to process video content including live sporting events, television shows, or library-based content, automatically and instantly.
Its algorithm automatically meta-tags images, video, and text, understands the context and identifies key moments so that businesses can auto-create and share customised digital video content using existing feeds, be it live or recorded, and match and adapt content to meet the changing demands of consumers.
“We are helping businesses to reimagine what is possible with digital video,” said Vinayak Shrivastav, co-founder and CEO of Toch.ai.
“Our technology is driving revolutionary changes in the way video content is edited, presented and consumed. This enables businesses, whether it be a broadcaster, streaming service, or sports team, to offer the right dynamic video content at the right time, meeting and exceeding their customer’s expectations, and growing revenue while managing risks and reducing costs. Our next journey is going to see us focusing on building an ecosystem of video tools around the company that will work towards defining itself as a global SaaS company,” he added.
Edited by Saheli Sen Gupta