Rephrase.ai raises $10.6M funding led by Red Ventures
Bengaluru-based AI startup, which operates in the space of synthetic media, has raised $10.6 million in a Series A round of funding led by Red Ventures.
Other investors in this round include Silver Lake, 8VC, and others. The startup had earlier raised $1.5 million in seed round from Lightspeed and AV8 Ventures.
Rephrase.ai said it will use this capital for product development, hiring, and expanding its presence in North America.
Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, Rephrase.ai aims to democratise video, making high-quality video creation capabilities available to companies of all sizes across all industries. The startup has worked with more than 50 global enterprises, including Castrol, Mondelez, and Xiaomi to name a few, to deliver high-quality video creation capabilities.
“We started Rephrase.ai four years ago with the goal of building an engine that can make creating professional quality videos as easy as writing text,” said Ashray Malhotra, CEO and Co-founder of Rephrase.ai.
“In the last year, we’ve developed hundreds of digital human clones, creating millions of videos during the process,” he added.
Rephrase.ai uses deep learning to create digital avatars of actual humans that can be used for synthetic video content with only text as input.
“Given how people consume information today, scalable solutions to deliver personalised video are needed now more than ever,” said Carlos Angrisano, President at Red Ventures. “With the current mass customisation of video content, our big bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential."
According to Rephrase.ai, it helps businesses grow engagement and efficiencies around communications by increasing conversion, click-through rates (CTRs), consumption, and content adoption while reducing customer acquisition costs.