VideoVerse raises $45M from BlueStone; Co-founders leave to start LLM startup

Private equity firm Bluestone Equity Partners has made a growth investment in VideoVerse, the maker of Magnifi—an AI-powered video editing solution.

"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 Vinayak Shrivastav, CEO & Co-founder, VideoVerse.

Although the company did not reveal the funding amount, reports indicate that Bluestone has invested $45 million in VideoVerse.

This also marks the third investment for Bluestone, and its first in a SaaS (software as a service) company, from its $300-million fund launched during the first quarter of 2023.

Meanwhile, Saket Dandotia and Alok Patil, Co-founders of VideoVerse, have left the company to launch Onetab, a generative AI startup focused on AI-based SaaS solutions.

According to a statement from the company, Onetab distinguishes itself with a proprietary custom LLM (large language model) that consolidates communication tools into a single tab, aiming to enhance team interaction and productivity. The founders, along with Sonal Dandotia, envision Onetab generating $200 million in revenue over the next three years.

"With Onetab we aim to streamline the communication and collaboration process by consolidating all necessary tools into a single tab. This means that developers can focus on their tasks without the hassle of switching between multiple tabs to coordinate with team members," said Saket Dandotia.

"From API testing to dev ops, task management, development, and communication, Onetab promises to provide a one-stop solution, ultimately boosting productivity, minimising errors, and reducing costs. By eliminating the need for multiple tool subscriptions throughout the development lifecycle, Onetab is set to disrupt the communication and collaboration space," he added.

VideoVerse's SaaS platform utilises AI models, computer vision, and machine learning to transform full-length video footage into real-time short-form content and highlights. Magnifi, the flagship product, streamlines editing processes for sports leagues, news and entertainment broadcasters, and streaming platforms globally.

“The demand for intelligent software automation of short-form content and highlights is growing exponentially,” said Bobby Sharma, Bluestone’s Founder and Managing Partner.

In April last year, the startup raised $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global, and Binny Bansal, former co-founder of Flipkart.

Founded in 2016 and headquartered in the United States and India, VideoVerse collaborates with top-tier sports leagues and content producers globally. The company employs artificial intelligence technology to autonomously process various forms of video content. Its clients include UEFA Champions League, FA Cup, Bundesliga, Australian Open, US Open, and Wimbledon.