Rephrase.ai, an AI-focused firm, has raised $10.6 million as part of its Series A fundraising round, which was led by Red Ventures.
Additional participants in the round were Silver Lake and 8VC Ventures.
Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, three IIT graduates who founded Rephrase.ai in 2019, give businesses of all sizes the ability to produce videos. With only text as input, it employs deep learning to build digital avatars of real people that may be used for synthetic video material.
The additional cash will be put to work combining product experiences to enhance the company's capabilities. Additionally, it wants to attract talented individuals for its engineering, artificial intelligence, product, sales, and marketing teams.
Lightspeed and AV8 Ventures had previously invested $1.5 million in the firm in a seed round. Rephrase.ai stated in a statement that it currently partners with over 50 international businesses.
The business has created digital avatars for influencers and superstars such as Virat Kohli, Saurav Ganguly, KL Rahul, Ranveer Singh, and Shah Rukh Khan. According to a release from Rephrase.ai, it offers capabilities for advanced facial mapping, lip synchronisation, speech, and expression.
“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.
Our huge bet is on the reinvention of the video production process, and that, as a result, as a result of the current mass customization of video content he further mentioned.