California and Mumbai-based video-editing SaaS platform, VideoVerse, formerly known as Toch.ai, has raised an impressive $45 million in a recent funding round led by Bluestone Equity Partners, a global private equity firm with a focus on the sports, media, and entertainment industry. This latest injection of funds comes as VideoVerse aims to further expand its geographical reach and venture into new verticals.
Funding History
VideoVerse has been on the radar of investors, having previously secured $46.8 million in a Series B round in April 2022. The Series B was led by A91 Partners, Alpha Wave Global, and Binny Bansal. Before that, in October 2021, the company raised $12 million in a Series A round. The consistent financial backing underscores the confidence investors have in VideoVerse’s innovative approach to video editing.
The heart of VideoVerse’s offering is its SaaS platform, which harnesses the power of artificial intelligence models, computer vision, and machine learning. The platform, exemplified by its flagship product Magnifi, revolutionizes traditional and resource-intensive video editing processes. Magnifi performs real-time analysis on full-length video footage, transforming it into short-form content and highlights seamlessly.
Target Industries and Clients
VideoVerse caters to a diverse clientele, spanning various industries such as over-the-top (OTT) players, broadcasters, sports clubs and leagues, marketing agencies, e-gaming platforms, schools, and colleges. The platform has established partnerships with prestigious entities, including UEFA Champions League, FA Cup, Bundesliga, Australian Open, U.S. Open, Wimbledon, NCAA Basketball, and the Indian Premier League (IPL).
With the newly acquired funds, VideoVerse has outlined plans to expand both geographically and into new verticals. The company aims to leverage its innovative technology to address the evolving needs of enterprises in different regions and industries.
Strategic Acquisitions
In addition to securing funding, VideoVerse has strategically expanded its capabilities through acquisitions. Last year, the company, under the leadership of Vinayak Shrivastav, acquired Optikka and Reely.ai, enhancing its portfolio and reinforcing its commitment to staying at the forefront of video editing technology.
Although VideoVerse was in a pre-revenue stage until FY22, startup data intelligence platform TheKredible reports that the company reported operating revenue of Rs 17 lakh in India. Financial statements for FY23 are yet to be filed, providing an opportunity to assess the company’s financial performance over the last fiscal year.
Bluestone Equity Partners’ Third Investment
The funding round represents the third investment for Bluestone Equity Partners from its inaugural $300 million fund, launched in the first quarter of 2023. Bluestone’s focus on VideoVerse aligns with its broader strategy of investing in companies within the sports, media, and entertainment industry.
VideoVerse’s latest funding round and strategic plans for global expansion highlight the growing significance of AI-powered video editing in various industries. As the platform continues to evolve and cater to the dynamic needs of its clients, its innovative approach positions it as a key player in the competitive landscape of video editing software. With continued support from investors and a commitment to technological advancement, VideoVerse is set to make waves in the evolving world of visual content creation.