VideoVerse Raised $46.8 Million In Series B Funding, Led By A91 Partners And Alpha Wave Global
The fund will be utilised to strengthen the team, enhance VideoVerse technology and expand its global market share
VideoVerse, a SAAS platform formerly known as Toch.ai, has secured $46.8 million in Series B funding, led by A91 Partners, Alpha Wave Global, Binny Bansal (former co-founder of Flipkart) and other investors including Stride Ventures, Innoven Capital and Pacific Western Bank. The fund will be used to strengthen its team, enhance VideoVerse technology, build new products and expand its global market share.
"We are thrilled to reveal our renamed brand and a new round of funding as we move forward in 2022. I, along with my other co-founders Saket Dandotia and Alok Patil, believe that VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry and we are excited to see how we can evolve as we grow bigger," said Vinayak Shrivastav, CEO and co-founder, VideoVerse.
Since October 2021, VideoVerse revenue has shown a multi-fold growth while building out a strong US tech and sales team as well as setting up a data science and machine learning team in Israel, the company claimed in a statement.
"Video creation and consumption will continue to see explosive growth, whether it is the latest binge-worthy web series, corporate branding video, sports content or short social video," said Gautam Mago, general partner at A91 Partners.
VideoVerse is a video editing platform that serves OTT players, broadcasters, sports clubs, marketing agencies, e-gaming platforms and more. The company started its journey on generating auto short-sized clips leveraging computer vision and AI capabilities.
The global video editing software market is projected to grow to $932.7 million by 2025. The increasing consumption of video content is one of the key elements of this market growth.