AI video generation startup TrueFan AI raises $10M Series A funding
The Gurugram-headquartered startup builds AI generated video content for enterprises. It plans to use the funds on international expansion, AI infrastructure, and enterprise deployment.
AI video generation startup TrueFan AI has raised $10 million in a Series A round of funding led by Baring Private Equity Partners India and Z3Partners, with participation from IAN Alpha Fund and 3Lines Venture Capital.
The Gurugram-headquartered startup builds AI generated video content for enterprises spanning industries such as banking, FMCG, retail, healthcare, and hospitality. It plans to use the funds on overseas expansion, AI infrastructure, and enterprise deployment.
TrueFan AI, which was founded in 2020, has pivoted from a celebrity fan tech engagement platform to creating AI videos for enterprises.
TrueFan AI's co-founder & CEO Nimish Goel said there is broad application of AI videos by enterprises spanning functions such as communications, language localisation, and advertisement.
TrueFan AI claims to now generate over 20 million AI videos annually. Goel said the startup has 110 customers and around 45% of them have come through inbound requests. The startup's customers include Bajaj Finance, Zomato, HDFC Bank, Axis Max Life Insurance, Cipla, BharatPe, and Goibibo.
Over the years, TrueFan AI has created its own proprietary technology to generate AI videos that aim to deliver impact in a short period of time at lower costs. The startup says its technology allows a single 5-minute video recording to be adapted into thousands of contextual videos without requiring another shoot.
The startup claims its tech platform can generate up to 5 lakh videos per minute in over 175 languages. Enterprises can deploy platforms of digital marketing, social media, advertisements, and learning & development.
TrueFan AI says it is seeing demand from the international markets of Southeast Asia, West Asia, and the United States.
“The platform is already deeply embedded in the workflows of some of India’s largest enterprises, which reflects both the strength of the product and the scale of the shift underway in enterprise video communication,” said Arul Mehra, Partner at Barin Private Equity Partners India.
Edited by Swetha Kannan